ow they are reported. What are the disclosure requirements for correction of errors.  Please see FASB codification to

Q: Describe the purpose and give examples of audit procedures in the search for unrecorded liabilities.

A: The search of unrecorded liabilities is the set of procedures designed to yield audit evidence of…

Q: What are the challenges and risks associated with implementing control procedures in accounting, and…

A: Control procedures in accounting refer to a set of policies, processes, and measures implemented by…

Q: Explain the auditor legal liability, this includes what law that procure such liability?

A: An auditor is expected to complete their tasks in good faith and with integrity and should operate…

Q: What are the disclosure requirements for a correction of an accounting error?

A: An accounting error refers to a mistake or inaccuracy in financial records, statements, or reporting…

Q: With regard to the correction of accounting errors, what is the difference between U.S. GAAP and…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: Discuss auditors' legal liabilities under SOX.

A: SOX refers to Sarbanes and Oxley Act. It is a legislation passed in 2002 to prevent the corporate…

Q: Discuss and illustrate how a correction of an error in previously issued financial statements should…

A:

Q: Why is it necessary to pre-number reports received? In what way might an auditor examine a claim…

A: For natural language processing, the use of Dialogue Systems :

Q: Give some examples of the kinds of note disclosures that might be made under the heading…

A: Note disclosure as an important part of financial statement requires to disclose some important…

Q: What is the guiding objective is that lessees and lessors provide disclosures?

A: Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of…

Q: Explain an example of auditor’s report.

A: A written letter which contains the opinion of the financial statements of the company by an auditor…

Q: What documents does the AP clerk review before setting up a liability? Why?

A: Accounting information system: An accounting information system is defined as a system that helps to…

Q: In IFRS, the conceptual framework indicates appropriate accounting when a more specific accounting…

A: The International Financial Reporting Standards (IFRS) constitute a globally consistent,…

Q: Discuss the circumstances that require a contingent liability to be disclosed in the notes to the…

A: A contingent liability is a liability that may (or may not) occur in future.   The occurrence of…

Q: Discuss the risk of material misstatement in the revenue and collection cycle, with a specific focus…

A:

Q: Which documents would an auditor most likely choose to examine closely to ascertain that all…

A: Option d. receiving reports is the answer

Q: Explain the types of auditor’s report.

A: Auditor's report refers to assessment that provides auditor's opinion on the validity and…

Q: What does the FASB do in order to assess possible benefits and costs of a proposed revision of an…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: How can a system ensure that those who benefit most from an accounting standard requiring certain…

A: Free-riders are those who utilise information once it is openly accessible.Information can be sold…

Q: What audit procedures are most likely to be used to verify accountsreceivable written off as…

A: Audit procedure:   Audit procedures are the processes, techniques, and methods that auditors perform…

Q: describe accounting warning signs and methods for detecting manipulation of informationin fi nancial…

A: Accounting warning signs are the indication that the financial statements are going to manipulation…

Q: Define contingent liability. What is the criteria to determine whether or not to report the…

A: Liability means the obligation to pay to the other parties by transferring the economic benefits…

Q: when auditing VAT payable account, what are the considerations that you need to remember and…

A: Auditing refers to the process of examining or inspecting the several books of accounts by an…