repayment cycle Archives

Which internal controls should the auditor be most concerned about in the audit of notes payable? Explain the importance of each.

Posted on February 22, 2023 by Assessments

1. Why are liability accounts included in the capital acquisition and repayment cycle audited differently from accounts payable? 2. Which internal controls should the auditor be most concerned about in the audit of notes payable? Explain the importance of each.

Design and perform tests of controls, substantive tests of transactions, and tests of details of balances for capital stock and retained earnings.

Posted on February 19, 2023 by Assessments

AUDIT OF THE CAPITAL ACQUISITION AND REPAYMENT CYCLE Identify the accounts and the unique characteristics of the capital acquisition andrepayment cycle.Design and perform audit tests of notes payable and related accounts and transactions.Identify the primary concerns in the audit of owners’ equity transactions.Design and perform tests of controls, substantive tests of transactions, and tests ofdetails […]

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Which internal controls should the auditor be most concerned about in the audit of notes payable? Explain the importance of each.

Design and perform tests of controls, substantive tests of transactions, and tests of details of balances for capital stock and retained earnings.