Explain Answer Question:Before issuing a report on the compilation of financial statements of a non-public entity, the accountant should:a. Apply analytical procedures to selected financial data to discover anymaterialmisstatements.b. Corroborate at least a sample of the assertions management hasembodiedfinancialinthestatements.c. Inquire of the client's personnel whether the financial statements omitsubstantiallyalldisclosures.d. Read the financial statements to consider whether the financialstatements are free from obvious material errors.

Explanation of Analytical Procedures:Analytical procedures involve the evaluation of financial data…

Answered: Question: Before issuing a report on…

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter2: Audits Of High-risk Accounts

Section2.7: Bankrate, Inc.

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Professional guidance indicates that the auditor should consider revenue recognition to be high risk in planning an audit of a company’s financial statements. a. Identify the activities that affect the revenue cycle. b. Identify the financial statement accounts typically associated with the revenue cycle.
Question: Before issuing a report on the compilation of financial statements of a non- public entity, the accountant should: a. Apply analytical procedures to selected financial data to discover any material misstatements. b. Corroborate at least a sample of the assertions management has embodied financial in the statements. c. Inquire of the client's personnel whether the financial statements omit substantially all disclosures. d. Read the financial statements to consider whether the financial statements are free from obvious material errors.
The Accountant Should?
Before issuing a report on the compilation of financial statements of a non-public entity, the accountant should: a. Apply analytical procedures to selected financial data to discover any material misstatements. b. Corroborate at least a sample of the assertions management has embodied in the financial statements. c. Inquire of the client's personnel whether the financial statements omit substantially all disclosures. d. Read the financial statements to consider whether the financial statements are free from obvious material errors.
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Question:45 Before issuing a report on the compilation of financial statements of a nonpublic entity, the accountant should:a. Apply analytical procedures to selected financial data to discover any material misstatements. b. Corroborate at least a sample of the assertions management has embodied in the financial statements. c. Inquire of the client's personnel whether the financial statements omit substantially all disclosures. d. Read the financial statements to consider whether the financial statements are free from obvious material errors. Kaffen Company, a ski tuning, and repair shop, opened on November 1, 2013. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2014. Issuance of common shares Payment to purchase repair shop equipment Rent payments Newspaper advertising payment Cash Receipts Cash Payments $ 22,000 $9,100 1,260 370 Utility bill payments 920 Part-time helper's…
In auditing the accrued liabilities account on the Balance Sheet, an auditor’s procedures most likely would focus primarily on management’s assertion ofa. Existence or occurrence.b. Completeness.c. Presentation and disclosure.d. Valuation or allocation.
Which of the following accounts would most likely be audited in connection with a related balance-sheet account?a. Property Tax Expense.b. Payroll Expense.c. Research and Development.d. Legal Expense.
1. An auditor most likely would review an entity’s periodic accounting for the numerical sequence of shipping documents and invoices to support management’s financial statement assertion of a. Valuation b. Completeness c. Existence and occurrence d. Rights and obligations
Which of the following audit procedures is least appropriate for addressing the assertion of valuation of liabilities? a. Confirm with creditors b. Test for unrecorded liabilities. c. Perform analytical procedures. d. Verify accounts payable trial balance

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