The following are miscellaneous questions about compilation and review services. Choose the best response. a. Which of the following best describes the responsibility of the CPA in performing compilation services for a company? (1) The CPA has to satisfy only himself or herself that the financial statements were prepared in conformity with accounting standards. (2) […]
The following questions deal with discovering fraud in auditing year-end cash. Choose the best response. a. Which of the following cash transfers results in a misstatement of cash at December 31, 2019? BANK TRANSFER SCHEDULE Disbursements Receipt Transfer Recorded in Books Paid by Bank Recorded in Books Received by Bank (1) 12/31/19 1/4/20 12/31/19 12/31/19 […]
The following questions deal with discovering fraud in auditing year-end cash. Choose the best response. a. Which of the following cash transfers results in a misstatement of cash at December 31, 2019? BANK TRANSFER SCHEDULE Disbursements Receipt Transfer Recorded in Books Paid by Bank Recorded in Books Received by Bank (1) 12/31/19 1/4/20 12/31/19 12/31/19 […]
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 […]
INTEGRATED CASE APPLICATION—PINNACLE MANUFACTURING: PART IV The purpose of Part IV is to obtain an understanding of internal control and assess control risk for Pinnacle Manufacturing’s acquisition and cash disbursement transactions.a. Familiarize yourself with the internal control system for acquisitions and cash dis-bursements by studying the information in Figure 12-12 and Figure 12-13.b. Prepare a […]
