PPE requires a control for the maintenance of subsidiary ledgers consisting of a separate record for each unit of property PPE requires a control for the system of authorization requiring executive approval for all plant and equipment acquisitions. If it has never been audited, make a complete historical analysis of the PPE account. All purchases of factory equipment are required to be made by the department in need of the equipment. Which management assertion is this most procedure most directly related to? PPE In a financial statement audit, the primary overall audit approach to audit plant assets and equipment of a continuing client is ordinarily what? The auditor should primarily be concerned with: The auditor should be concerned with which financial statement assertion?
Restating a Company’s Prior Year Financial Statements
As a Statutory Auditor, how would you deal with the following? The company incurred a loss of Rs. The chief accountant of the company proposes to adjust the aforesaid loss against the Revaluation reserve. During the year it relocated its operations to Ghaziabad. However the old lease cannot be cancelled and it has to continue for the next few years.
Dual dating of an audit report extends the auditors’ liability for disclosure through the later date for all areas of the financial statements False If management fails to list an unasserted claim in the letter of inquiry to a lawyer, the lawyer is NOT required to inform the auditors of the omission.
The discovery of oil in had the potential to change the fortunes of Equatorial Guinea, and it did, in many ways. However, oil production has been in decline since , and oil is expected to run dry by unless new reserves are found. Suddenly the small country of about one million people occupying 28, square kilometers had a great but fleeting opportunity to deliver exemplary social services to its citizens in line with its human rights obligations.
Obiang raised expectations, repeatedly saying he would prioritize health services and education, but budgetary allocations to health and education have in fact been dismal: Instead the country invested heavily in large-scale infrastructure projects, which comprised 82 percent of its total budget in , an approach the IMF and World Bank have repeatedly criticized. Expand Share Equatorial Guinea is one the smallest countries in Africa, with a population of around 1 million and a total landmass of just over 28, square kilometers.
In the process, it has not fulfilled its human rights obligations to progressively realize the right to affordable and decent health care and education for its people. The report describes how, though upper middle-income on paper, Equatorial Guinea faces severe challenges that commonly affect low-income countries, especially in health and education.
It documents how companies, fully or partially owned by the president, members of his family, or senior government officials, have been awarded large public contracts.
Ch 11 HW Flashcards Preview
Generally accepted accounting principles, or GAAP, are a set of rules that all public companies must follow and most private companies also follow. Many small businesses follow GAAP from a requirement by a lender or to have financial statements that are comparable to those of larger competitors. GAAP rules regard the restatement of financial statements that outline when a restatement–basically, a correction–is warranted and when it is not. Correcting Error This is the most common reason that financial statements are restated.
The auditor may use “dual dating,” for example, “February 16, 20__, except for Note __, as to which the date is March 1, 20__,” or may date the report as of the later date. In the former instance, the responsibility for events occurring subsequent to the original report date is limited to the specific event referred to in the note (or otherwise.
Our database also covers delisted securities dating back to over 20, delisted securities. Index history is provided on over indices including: That is, the open, high, low, close and volume are adjusted to show an accurate historical capital return of the security by removing the dilutive effects that such corporate actions would make on the data.
The data is not adjusted for normal cash dividends. Complex inter-exchange movements and corporate actions are catered for too. Database Completeness and Known Issues Trading Game believes that this is the most comprehensive retail-level historical securities database available. It has been built from dozens of sources and user contributions and has had extensive cross-checking of corporate actions, price and volume data.
We have even extensively consulted archived newspaper stock price reports to obtain historical data. Due to the sheer size, the extent of the historical data available publicly, and the difficulty in obtaining such information from exchanges that did not have an official reporting mechanism until the s, the database cannot provide definitive coverage of all securities. OTC coverage before is limited to previously-exchange-listed companies where OTC data could be sourced.
Please inform us of any data issues so we can investigate and resolve them if required. Frequently Asked Questions What are some examples of currently listed securities that have full history back to ?
IFIF will continue to roll out the Global Animal Nutrition Programme to other countries to support, train and develop the capacities of the local feed industries to raise feed and food safety standards globally. In IFIF was a founding partner of the FAO-led Feed Safety Multi-Stakeholder Partnership, which was formally launched in April and aims at improving the safety of feed, and thus enhancing food safety, animal health and welfare and food security.
The 6th GFFC will bring together food and feed experts from around the world, representing public sector, civil society, industry and academia. The Feed Manual continues to be distributed to regulators and Industry globally and is available in Arabic, Chinese, English, French and Spanish language. This manual provides updated comprehensive information and practical guidelines to assist producers and all stakeholders along the production and distribution chain to comply with the regulatory framework, which have or will come into force in response to the Codex Alimentarius Code of Practice on Good Animal Feeding.
The application of this Code is an important step for the expansion of international trade in feed products as well as in products of animal origin.
DUAL DATE is when a major event comes to the auditor’s attention between the report date and issuance of the report; the financial statements may include the event as an adjustment or disclosure.
Accountant – Person skilled and trained in the recording and reporting of financial transactions. Accountants’ Report – Formal document that communicates an independent accountant’s: Expenses are recognized when incurred rather than when paid. Affiliated Company – Company, or other organization related through common ownership, common control of management or owners, or through some other control mechanism, such as a long-term LEASE.
Agency Fund – Fund consisting of ASSETS where the holder agrees to remit the assets, income from the assets, or both, to a specified beneficiary in due course or at a specified time. Alternative Dispute Resolution – An alternative to formal litigation which includes techniques such as arbitration, mediation, and a non-binding summary jury trial.
American Depository Receipts ADRs – Receipts for shares of foreign company stock maintained by an intermediary indicating ownership. The AICPA establishes ethical and auditing standards as well as standards for other services performed by its members. Through committees, it develops guidance for specialized industries. Analytical Procedures – Substantive tests of financial information which examine relationships among data as a means of obtaining evidence.
Annual Report – Report to the stockholders of a company which includes the company’s annual, audited BALANCE SHEET and related statements of earnings, stockholders’ or owners’ equity and cash flows, as well as other financial and business information. Annuity – Series of payments, usually payable at specified time intervals. Assembly of Financial Statements – The providing of various accounting or data-processing services by an accountant, the output of which is in the form of financial statements ostensibly to be used solely for internal management purposes.
Covered members or their firms that were independent when they first issued an audit report may reissue that report or consent to its incorporation by reference, even if they are no longer independent, so long as they do not perform new procedures that would require updating the date or dual dating of the original report. In this connection, its is acceptable if necessary to assess the effect of recent facts on the original report to: Make inquiries of successor auditors Read subsequent financial statements Undertake similar procedures II.
Engagement Contractual Terms A.
Dating of the Independent Auditor’s Report However, if an event of the type requiring disclosure only (as discussed in section and) occurs between the date of the independent auditor’s original report and the date of the reissuance of such report, and if the event.
Report this Tutorial as Inappropriate Tutorial Preview …Question6 xxx yet xxxxxxxx Marked out xx 8 00 xxxxxxxx text xxx xxxxx of xxxxxxxx in the xxxxxxx and investment xxxxx is xx xxxxxx one: Select xxxxx xxxxxxxxx Securities xxx Exchange Commission xx other regulatory xxxx c xxxxxxx xxxxxxxxxxxxxxxxxxxxx yet xxxxxxxxxxxxxx out of x 00Question textWhich xx the xxxxxxxxx xxxxxxxxx options xx available if xxx client refuses xx provide xxxxxxx xxxxxxxxxxxxxxx to xxxxxxxxxxxxxxx one: This is an online marketplace for tutorials and homework help.
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Chapter 24 Completing the Audit – PowerPoint PPT Presentation
Thanks for reading and for your comments. Have a great and relaxing weekend and see you all again Monday morning from 9. The top jumped 1. Since the current rally kicked off on October 6, the benchmark measure has jumped close to points, or 4. Australian stocks started Friday’s session on a soggy note but turned around lunchtime in tandem with US stock futures. The news hit the wires around
Aug 12, · were restricted to the subsequent amendment of the financial statements. e.g.: “(Date of Auditors’ Report), except as to Note Y, which is as of (date of completion of audit procedures restricted to amendments described in Note Y)”.
A Through year end B Through issuance of the audit report C Through the last day of field work D For a reasonable period after year end Chapter 16 – Auditing Operations and Completing the Audit 16 Which of the following procedures would an auditor most likely perform while evaluating audit findings at the conclusion of an audit? A Obtain assurance from the entity’s attorney that all material litigation has been disclosed in the financial statements B Verify the clerical accuracy of the entity’s proof of cash and its bank cutoff statement C Determine whether reportable conditions have corrected D Develop an estimate of the total likely misstatement in the financial statements 17 Which of the following ledger accounts would be least likely to be analyzed in detail by auditors?
A Miscellaneous revenue B Professional fees C Travel expense D Repairs and maintenance 18 When auditing the statement of cash flows of a profitable, growing company which combination is most likely? A Cash B Accounts receivable C Property, plant and equipment D Intangible assets Chapter 16 – Auditing Operations and Completing the Audit 20 An example of an internal control weakness is to assign the payroll department the responsibility for: A Preparing the payroll expense distribution B Preparing the payroll checks C Authorizing increases in pay D Preparing journal entries for payroll expense 21 An example of an internal control weakness is to assign the personnel department responsibility for: A Distribution of paychecks B Hiring personnel C Authorizing deductions from pay D Interviewing employees for jobs 22 Which of the following audit procedures is aimed at determining whether every name on the company payroll is an employee actually on the job?
A A surprise observation of a paycheck distribution B A test of payroll extensions C Analytical comparisons of budgeted to actual payroll expense D Comparison of payee names on canceled payroll checks with the payroll register 23 Which of the following is not a procedure that is designed to provide evidence about the existence of loss contingencies? A Obtaining a lawyers’ letter B Confirming accounts payable C Reviewing the minutes of board of directors’ meetings D Review correspondence with banks 24 Which of the following types of matters not generally require disclosure in the financial statements?
A General risk contingencies B Commitments C Loss contingencies D Liabilities to related parties Chapter 16 – Auditing Operations and Completing the Audit 25 Material loss contingencies should be recorded in the financial statements if available information indicates it is probable that a loss had been sustained prior to the balance sheet date and the amount of such loss can be reasonably estimated These considerations will affect the audit report as follows: A Confirmation of related lawsuits with the claimants B Qualification of the audit report C An assessment that loss of the litigation is probable D An adverse opinion 27 If, after issuing an audit report, the auditors find that they have failed to perform certain significant audit procedures they should first: A Attempt to determine whether their report is still being relied upon by third parties B Notify regulatory agencies C Notify legal counsel D Wait until the beginning of the next year’s audit to determine whether misstatements have occurred Chapter 16 – Auditing Operations and Completing the Audit 28 Which of the following is not a procedure that auditors typically perform to search for significant events during the subsequent period?
Reasons to Restate a Financial Statement
Information essential for a fair presentation should be set forth in the financial statements. Inadequate disclosure normally results in the auditor including the required information in the report. Omission of a statement of cash flows is considered inadequate disclosure. The auditor should never disclose information in the report that the client has not shown in the financial statements.
The related financial statements were issued on March On April 8, the client suffered the loss of a significant portion of its plant facilities by fire.
Definition of dual date: Applied in the auditing process when an auditor discovers a financial event that occurred after the initial report date and does not want to take responsibility for .
Audit Reports and Other Engagements The textbook teaches us that we are required to obtain an understanding of a company’s internal controls. In what workpaper did we document this for Oceanview Marine? What did we then use this for? We used it to perform a preliminary assessment of control risk in WP , which helped us to plan controls testing and substantive testing. What is sampling risk What are the two broad categories of substantive audit procedures an auditor can perform? What are substantive analytical procedures and substantive tests of details Name three audit procedures used to identify subsequent events.