equipment Archives - Essay Quoll

What equipment would you use to collect the data and how would you review, and store this data? Describe the steps used from start to finish, from collecting the data in the field to reviewing and storing the data in the office.

Posted on April 26, 2023 by Assessments

Technical knowledge of land surveying, groundwater and stream flow measurement procedures and use of hydrologic monitoring equipment. You have been tasked with collecting water level data from a stream or groundwater well. What equipment would you use to collect the data and how would you review, and store this data? Describe the steps used from […]

Which of the following best describes the operational audit?

Posted on February 25, 2023 by Assessments

The following questions deal with operational auditing. Choose the best response. a. Which of the following best describes the operational audit? (1) It concentrates on seeking aspects of operations in which waste would be reduced by the introduction of controls. (2) It requires constant review by internal auditors of the administrative controls as they relate […]

What is your conclusion about the financial statements if the audit findings are not corrected by Westmoreland management before you issue the audit report?

Posted on February 24, 2023 by Assessments

The following items were discovered during the December 31, 2019, audit of the financial statements of Westmoreland Corporation: 1. The company’s financial statements did not include an accrual for bonuses earned by senior management in 2019 but payable in March 2020. The aggregate bonus amount was $125,000. 2. Equipment originally costing $725,000 that was fully […]

Balance sheet and income statement materiality for the audit of Westmoreland financial statements is $75,000. What is your conclusion about the financial statements if the audit findings are not corrected by Westmoreland management before you issue the audit report?

Posted on February 23, 2023 by Assessments

The following items were discovered during the December 31, 2019, audit of the financial statements of Westmoreland Corporation: 1. The company’s financial statements did not include an accrual for bonuses earned by senior management in 2019 but payable in March 2020. The aggregate bonus amount was $125,000. 2. Equipment originally costing $725,000 that was fully […]

Explain the relationship between the tests of controls and substantive tests of transactions results in Case 18-30 and the audit of expenses.

Posted on February 16, 2023 by Assessments

Ward Publishing Company—Part III (See Case 18-30 for Parts I and II) 19-28 (OBJECTIVES 19-1, 19-2, 19-5) Examine the tests of controls and substantive tests of transactions results, including the sampling application in Case 18-30 (pp. 647–648), for Ward Publishing Company. Assume that you have already reached several conclusions. 674Part 4 / APPLICATION OF THE […]

Explain why the emphasis in auditing property, plant, and equipment is on the current period acquisitions and disposals rather than on the balances in the account carried forward from the preceding year.

Posted on February 16, 2023 by Assessments

1. Explain why the emphasis in auditing property, plant, and equipment is on the current period acquisitions and disposals rather than on the balances in the account carried forward from the preceding year. 2. What is the most important balance-related audit objective for depreciation expense? What are the auditor’s primary concerns?

Design and perform audit tests of property, plant, and equipment and related accounts.

Posted on February 16, 2023 by Assessments

AUDIT OF PROPERTY, PLANT, AND EQUIPMENT Design and perform audit tests of property, plant, and equipment and related accounts.

How will the tests of controls and substantive tests of transactions results and your conclusions (1 through 7) affect your planned tests of details of balances for expenses? Do not write an audit program.

Posted on February 15, 2023 by Assessments

Examine the tests of controls and substantive tests of transactions results, including the sampling application in Case 18-30 (pp. 647–648), for Ward Publishing Company. Assume that you have already reached several conclusions. 674Part 4 / APPLICATION OF THE AUDIT PROCESS TO OTHER CYCLES 1. Your tests of details of balances for accounts payable are completed, […]

Identify all additions to property, plant, and equipment that were a result of significant repairs and maintenance for follow-up testing. How many items are identified? What further audit procedures will the auditor perform for these items?

Posted on February 15, 2023 by Assessments

Your client, Schroeder Manufacturing Co., provided the following schedule of property, plant, and equipment for the year ended June 30, 2019. Balances have been agreed to the general ledger. As part of the audit, the in-charge has asked you to perform procedures related to testing additions to the accounts using data provided by the client. […]

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

Posted on February 15, 2023 by Assessments

Your client, Edgartown Corporation, provided the following schedule of land, buildings, and equipment for the audit of financial statements for the year ended December 31, 2019: Account Description 1/1/19 Beginning Balance Additions Disposals 12/31/19 Ending Balance Land $ 7,500,000 — — $ 7,500,000 Building–Office 27,000,000 $250,000 — 27,250,000 Production equipment 2,345,000 178,223 $ 34,779 2,488,444 […]