EBK AUDITING & ASSURANCE SERVICES: A SY
10th Edition
ISBN: 9781259293245
Author: Jr
Publisher: MCGRAW HILL BOOK COMPANY
expand_more
expand_more
format_list_bulleted
Question
Chapter 10, Problem 10.28P
To determine
Concept Introduction:The documents which record the step by step process of auditing are known as audit working papers. These working papers are comprised of audit evidencethatisobtained during auditing financial statements or while investigation. Audit working papers are also helpful to the auditor to assure whether the audit performed on the financial statements are according to the auditing standards or not.
Deficiencies in the working paper that the engagement supervisor should discover.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
You are involved with the audit of Jelco Company for year 1 and have been asked to consider the confirmation reply results indicated
below. For each confirmation reply, select the proper action to be taken from the following possible actions: (Each of the "Action"
items may be used once, more than once, or not at all.)
(1)Exception; propose an adjustment.
(2)Send a second confirmation request to the customer.
(3) Examine shipping documents and/or subsequent cash receipts.
(4)Verify whether the additional invoices noted on the confirmation reply pertain to
the year under audit or the subsequent year.
(5) Not an exception; no further audit work is necessary.
Proper
Action
Customer Reply (and any audit action already taken)
a. "We mailed the check for this on December 31."
"We returned those goods on December 2." You have been able to determine that the goods were received by the client
on December 29, but not recorded until January 2.
c. "We also owe for two more invoices for purchases…
A representative of the PMO emailed you to notify you of an internal audit they want
to perform on your project. Later in the day, you brainstorming with your team
about the possible reasons for the audit. Which of the reasons below can you
eliminate as a possible reason for this audit?
A regulatory organization has asked for the audit
The PMO is preparing for an annual audit from an accounting company
The PMO wants to know if project templates are being used appropriately
The PMO wants to know if the team is doing their job well
1.Compile a working paper indicating all relevant information that should be included in the working paper. In your design and compilation of the working paper ensure that include the following elements:Audit Objective:Sample:Audit Procedures:Testing workings and results:Conclusion:
Chapter 10 Solutions
EBK AUDITING & ASSURANCE SERVICES: A SY
Ch. 10 - Prob. 10.1RQCh. 10 - Prob. 10.2RQCh. 10 - Prob. 10.3RQCh. 10 - Prob. 10.4RQCh. 10 - Prob. 10.5RQCh. 10 - Prob. 10.6RQCh. 10 - Prob. 10.7RQCh. 10 - Prob. 10.8RQCh. 10 - Prob. 10.9RQCh. 10 - Prob. 10.10RQ
Ch. 10 - Prob. 10.11RQCh. 10 - Prob. 10.12MCQCh. 10 - Prob. 10.13MCQCh. 10 - Prob. 10.14MCQCh. 10 - Prob. 10.15MCQCh. 10 - Prob. 10.16MCQCh. 10 - Prob. 10.17MCQCh. 10 - Prob. 10.18MCQCh. 10 - Prob. 10.19MCQCh. 10 - Prob. 10.20MCQCh. 10 - Prob. 10.21MCQCh. 10 - Prob. 10.22MCQCh. 10 - Prob. 10.23MCQCh. 10 - Prob. 10.24PCh. 10 - Prob. 10.25PCh. 10 - Prob. 10.26PCh. 10 - Prob. 10.27PCh. 10 - Prob. 10.28PCh. 10 - Prob. 10.29PCh. 10 - Prob. 10.30P
Knowledge Booster
Similar questions
- Star audit firm have started the annual audit of Carrefour Muscat. The auditors have a long meeting with their management. Their target is to conduct the audit during one week. The auditors have started their work. identify which of the following is related to their audit process. O a. Discussing corrective action plan O b. Identifying the risk Oc Conduct interviews O d. Create audit procedure and planarrow_forwardWorking papers document the audit evidence collected by the auditors during the financial statement audit. The lead schedule for accounts payable will appear at the beginning of the accounts payable section of the audit file. Which of the following would be included on the lead schedule? (Several choices may be correct.) ✔ Pre-adjusted current year's balance and prior year's balance ☐ Details of transactions tested for payables ☐ Conclusion reached on the overall opinion of the balance in accounts payable ✓ Agreement of current year's balance to payables balance on trial balance ✓ Difference between pre-adjusted balance and prior year balance ☐ Documentation showing the vouching of specific accounts payable balancesarrow_forwardYou have been asked to prepare a presentation to new recruits in your audit firm on the use of working papers. You have also been asked to include in your presentation a distinction between files held in permanent and current files, the design and use of audit programmes and the purpose of an audit trail with respect to the conduct of the audit. Required a) State four matters you would expect to find recorded in working papers in the permanent audit file and explain their purpose. b) Explain the design and use of audit programmes. c) Explain the importance of recording details of the actual evidence examined in the course of the audit on which the conclusions are drawn. d) Post your response to the discussion forum and engage two of your peers in a critically constructive dialogue about their responses.arrow_forward
- Determine the following as a result of your audit: subquestion a. How much is the correct amount of interest expense that should be reported in its Statement of Comprehensive Income for the period ending December 31, 2023? subquestion b. As an audit manager, you review the working papers of your audit staff and senior auditor and summarized the proposed adjusting entries (PAJE’s): Your proposed adjusting journal entry will include a credit to premium on note payable of? please show solution.arrow_forwardPlease see attached screenshot. Thank you!!!!arrow_forwardThe auditing firm we work for has created a dashboard we all see upon logging on to our computers each morning. It contains the following graphics: adjustment amounts for each financial statement; major components of the audit, color-coded to represent the degree of completion; the average time lag between our requests for information from the client and our receipt of that data; and a short, bolded and underlined list of questions the client has not answered adequately. Select two of the indicators and explain why it might be included on this dashboardarrow_forward
- An IT auditor is performing a test of the company's user access administration process, and has selected a random sample of 25 user access requests to evaluate. The IT audit test procedures revealed that 1 of the 25 sampled user access requests has not been properly authorized according to company policy. As a key next step in the IT audit process, the IT auditor should (select the BEST response): a) Communicate this concern to the Chief Executive Officer as soon as possible. b) Communicate this concern to the Audit Committee as soon as possible. c) Disregard the finding entirely. d) Perform additional audit procedures to better understand the risks related to the issue, as well as the root cause of the problem.arrow_forwardThe External Auditors of Mutual Life Ltd. are planning to use its internal auditors' work for the audit. They have to do some checks to include the internal auditors' reporting arrangements and qualifications. The external auditors did a test of entries in the non-current assets register and the updating movements on the annual budget were done. The external auditors having satisfied themselves with the quality of work that was done by conducting the entries. Required: In addition to the above test, state other types of tests that could be used to prove the completeness of the non-current assets records, including the non-current assets register.arrow_forwardCourse Name: Auditing (Accounting) Write a concise answer between 500 to 550 words for each question. 3. The form and content of the audit engagement letter may vary for each company. Write a sample audit engagement letter and highlight the key areas .arrow_forward
- Please help me with this case... thank you!!arrow_forwardusing a sample Third-Party Accounts Receivable Report attached a.Describe how data are utilized by an organization in healthcare audits. Consider the following: Which data are important to a revenue-cycle audit? How are the different components of the accounts receivable report used to inform an auditb. b. Describe how to establish parameters for collecting benchmarking data in healthcare audits. Consider the following: How do you determine which data are appropriate for benchmarking? What should you consider when setting parameters for benchmark data?arrow_forwardBased on the information in scenario C, classify the information (1-8) according to the elements of an audit finding (criteria, condition,cause, effect and recommendations)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning