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Identify three other procedures Johnson is likely to perform specifically for the pur- pose of identifying undisclosed contingencies to help her obtain evidence about the presentation audit objective.

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Elizabeth Johnson, CPA, has completed the audit of notes payable and other liabilities for Valley River Electrical Services and now plans to audit contingent liabilities and commitments. a. Distinguish between contingent liabilities and commitments and explain why both are important in an audit. b. Identify three useful audit procedures for uncovering contingent liabilities that Johnson […]

Identify three other procedures Johnson is likely to perform specifically for the pur- pose of identifying undisclosed contingencies to help her obtain evidence about the presentation audit objective.

Posted on by Assessments

Elizabeth Johnson, CPA, has completed the audit of notes payable and other liabilities for Valley River Electrical Services and now plans to audit contingent liabilities and commitments. a. Distinguish between contingent liabilities and commitments and explain why both are important in an audit. b. Identify three useful audit procedures for uncovering contingent liabilities that Johnson […]

Distinguish between contingent liabilities and commitments and explain why both are important in an audit.

Posted on by Assessments

Elizabeth Johnson, CPA, has completed the audit of notes payable and other liabilities for Valley River Electrical Services and now plans to audit contingent liabilities and commitments. a. Distinguish between contingent liabilities and commitments and explain why both are important in an audit. b. Identify three useful audit procedures for uncovering contingent liabilities that Johnson […]

Integrate the audit evidence gathered and evaluate the overall audit results. Communicate effectively with the audit committee and management. Identify the auditor’s responsibilities when facts affecting the audit report are discovered after its issuance.

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COMPLETING THE AUDIT Design and perform audit tests related to presentation audit objectives.Conduct a review for contingent liabilities and commitments.Obtain and evaluate letters from the client’s attorneys.Conduct a post- balancesheet review for subsequent events.Design and perform the final steps in the evidence-accumulation segment of the audit.Integrate the audit evidence gathered and evaluate the overall audit […]

Which of the following comparisons will be most useful to an auditor in auditing an entity’s income and expense accounts?

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The following questions concern the audit of income and expense accounts. Choose the best response. a. The auditor may note that annual depreciation expense is too low for a class of assets by noting (1) insured values greatly in excess of carrying amounts. (2) large numbers of fully depreciated assets are still in use. (3) […]

Which of the following comparisons will be most useful to an auditor in auditing an entity’s income and expense accounts?

Posted on by Assessments

The following questions concern the audit of income and expense accounts. Choose the best response. a. The auditor may note that annual depreciation expense is too low for a class of assets by noting (1) insured values greatly in excess of carrying amounts. (2) large numbers of fully depreciated assets are still in use. (3) […]

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