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Identify at least two audit procedures the auditor would perform to test the realizable value balance-related audit objective for the financial instruments accounts. Assume the investments in stock are all actively-traded in a liquid market, but the derivative financial instruments require a level 3 fair value estimate.

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McNeil Company, a medium-sized manufacturer of microwave ovens, has been an audit client for the past five years. McNeil Co. has been steadily growing and recently hired a new CEO, who has decided to increase the level of investments in fi- nancial instruments as a way of generating a profit from excess cash from operations. […]

Show the relationship of cash in the bank to the various transaction cycles. Design and perform audit tests of the general cash account.

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AUDIT OF CASH AND FINANCIAL INSTRUMENTS Identify the major types of cash and financial instruments accounts maintained bybusiness entities.Show the relationship of cash in the bank to the various transaction cycles.Design and perform audit tests of the general cash account.Recognize when to extend audit tests of the general cash account to testfurther for material fraud.Design […]

Are financial statement footnotes reviewed for completeness of required disclosures related to owners’ equity?

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Items 1 through 6 are common questions found in internal control questionnaires used by auditors to obtain an understanding of internal control for owners’ equity. In using the questionnaire for a client, a “yes” response indicates a possible internal control, whereas a “no” indicates a potential deficiency. 1. Are all entries in the owners’ equity […]

How might you use the information presented above to audit interest expense and interest payable accounts?

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Your client, EKB, Inc., prepared the following schedule for long-term debt for the audit of financial statements for the year ended December 31, 2019: Notes Payable Description Interest Rate Due Date 1/1/19 Beginning Balance Additions Payments 12/31/19 Ending Balance Mortgage Payable 6.25% 2025 $ 1,125,000 – $ 200,000 $ 925,000 Unsecured Notes Payable 6.00% 2027 […]

What procedures would you perform related to the ending balances in the accounts?

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Your client, EKB, Inc., prepared the following schedule for long-term debt for the audit of financial statements for the year ended December 31, 2019: Notes Payable Description Interest Rate Due Date 1/1/19 Beginning Balance Additions Payments 12/31/19 Ending Balance Mortgage Payable 6.25% 2025 $ 1,125,000 – $ 200,000 $ 925,000 Unsecured Notes Payable 6.00% 2027 […]

Design substantive analytical procedures to evaluate the reasonableness of the ending inventory account.

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Your client, Ridgewood Heating and Cooling, specializes in residential air conditioning and heating installations. The company maintains an inventory of air conditioning units, furnaces, and air handling ductwork. The client has provided the following selected financial statement information for the year ending December 31, 2019: 12/31/2019 12/31/2018 12/31/2017 Total sales $55,443,900 $52,700,440 $50,384,300 Cost of […]

What have been done before regarding the question or topic?What are the possible explanations regarding the research topic?

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The following factors are critical in project evaluations: a. The novelty of the topic (30%) b. Data-driven analysis (35%) c. Well-written document (35%) i. Writing ii. Using peer-reviewed articles You have total flexibility regarding the topic of the project as long as it is related to finance There are many ways you can write about […]

Identify the section in the FASB Codification that addresses property, plant, and equipment and the subsection that provides disclosure requirements. b. Indicate the disclosures for fixed assets that should be made in the financial state- ments or footnotes to the statements.

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This problem requires you to research the disclosure requirements for fixed assets using the FASB Codification at www.fasb.org. Access to the FASB Codification requires that your educational institution be enrolled in the FASB academic access program or provides access to the codification through a third-party provider. a. Identify the section in the FASB Codification that […]

What types of evidence would be relevant to your evaluation of whether manage- ment’s impairment charge is fairly stated?

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You are auditing the financial statements of Austin Software Company, which is a fast-growing software development company. As part of the company’s strategy, management has been aggressively pursuing acquisitions of other companies. Some of the prior acquisitions resulted in the recording of goodwill. During your review of income and expense accounts, you noted a material […]

Calculate the percentage change in expense accounts compared to the prior year for each division.

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The following are various audit procedures performed in the audit of the acquisition and payment cycle and accounts payable: 1. Foot the acquisitions journal for the month of August and trace postings to general ledger and accounts payable master file. 2. Determine that the amount of purchases from major customers is properly disclosed in the […]

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