Essay Quoll

Revolutionized Research Writing

Tag: financial statements

What should the auditor consider when engaging a specialist to perform substantive tests related to fair value assertions?

Posted on by Assessments

The amount of subjectivity involved in establishing fair value estimates can be complex for management responsible for making the fair value measurements and disclosures contained in financial statements. This is particularly true for fair value measurements for which observable market prices are not available. Auditing standards require auditors to obtain sufficient appropriate audit evidence to […]

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

Posted on by Assessments

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 […]

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.

Posted on by Assessments

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 […]

Describe, in general terms, the audit procedures you would follow in making sure that cutoff for purchases is accurate at the balance sheet date.

Posted on by Assessments

The Broughton Cap Company requires that prenumbered receiving reports be completed when purchased inventory items arrive in the receiving department. At the time of receipt, the receiving clerk writes the date of receipt on the receiving document. The last receipt in the fiscal year ended June 30, 2019, was recorded on receiving report 7280. The […]

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

Posted on by Assessments

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 […]

Determine whether the transaction was recorded in the correct month, based on when the goods were received and the terms of the transaction.

Posted on by Assessments

The following audit procedures are included in the audit program for the audit of the financial statements of Golden State Overnight Express: 1. Select a sample of acquisitions from the acquisitions journal and perform the following: a. Vouch the transaction to the voucher package that includes the matched receiving report, purchase order, and vendor invoice. […]

Identify the section in the FASB Codification that addresses property, plant, and equipment and the subsection that provides disclosure requirements.

Posted on by Assessments

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?

Posted on by Assessments

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 […]

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

Posted on 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 […]

Describe how PCAOB assertions and assertions in international and AICPA auditing standards are similar and different.

Posted on by Assessments

1. Describe what is meant by the cycle approach to auditing. What are the advantages of dividing the audit into different cycles? 2. Define what is meant by a management assertion about financial statements. Describe how PCAOB assertions and assertions in international and AICPA auditing standards are similar and different.

© 2020 EssayQuoll.com. All Rights Reserved. | Disclaimer: For assistance purposes only. These custom papers should be used with proper reference.