Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks. To identify: The audit procedure that should be used by independent auditor that change when an entity utilizes a statistical sampling to determine inventory value.

Question

Want to see the full answer?

Answer 1

Question

Chapter 13, Problem 13.29P

a.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

To identify:The audit procedure that should be used by independent auditor that change when an entity utilizes a statistical sampling to determine inventory value.

b.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

10 normal audit procedures that should be performed to verify physical quantities.

Normal audit procedure to verify physical quantities when an entity conductsperiod physical counts of all, or part, of its inventory:

The Auditor should recheck the current inventory count procedure and ensure whether they are approved.

The auditor should oversight the physical count.

The Auditor should make test count if it is necessary.

The auditor should test a sample from the recorded inventory.

The Auditor should select the sample items from the compilation engagement and record them into count data.

The auditor needs to ensure the numbers of purchase and sales cutoff.

The auditor should recheck the treatment provided to the merchandise.

Auditor should assure about the merchandise available in the warehouse.

Auditor should perform the analytical procedure to evaluate the inventory.

Auditor should ensure whether all inventory recorded correctly and items are classified.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Nina (age 40) contributes 10 percent of her $100,000 annual salary to her 401(k) account. She expects to earn a 7 percent before-tax rate of return. Assuming she leaves this (and any employer contributions) in the account until the full account balance is distributed when she retires in 25 years, what is Nina's after-tax accumulation from her current year contribution to her 401(k) account? Assuming Nina's marginal tax rate at retirement is 20 percent, what are her after tax proceeds from distribution?

No ai dislike...????

Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. For the current year, their AGI is $235,000. Jackson and Ashley each earned half of the income. Note: Leave no answers blank. Enter zero if applicable. b. How much can Ashley contribute if she files a separate return?

Answer 2

Question

Chapter 13, Problem 13.29P

a.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

To identify:The audit procedure that should be used by independent auditor that change when an entity utilizes a statistical sampling to determine inventory value.

b.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

10 normal audit procedures that should be performed to verify physical quantities.

Normal audit procedure to verify physical quantities when an entity conductsperiod physical counts of all, or part, of its inventory:

The Auditor should recheck the current inventory count procedure and ensure whether they are approved.

The auditor should oversight the physical count.

The Auditor should make test count if it is necessary.

The auditor should test a sample from the recorded inventory.

The Auditor should select the sample items from the compilation engagement and record them into count data.

The auditor needs to ensure the numbers of purchase and sales cutoff.

The auditor should recheck the treatment provided to the merchandise.

Auditor should assure about the merchandise available in the warehouse.

Auditor should perform the analytical procedure to evaluate the inventory.

Auditor should ensure whether all inventory recorded correctly and items are classified.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 13, Problem 13.29P

a.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

To identify:The audit procedure that should be used by independent auditor that change when an entity utilizes a statistical sampling to determine inventory value.

b.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

10 normal audit procedures that should be performed to verify physical quantities.

Normal audit procedure to verify physical quantities when an entity conductsperiod physical counts of all, or part, of its inventory:

The Auditor should recheck the current inventory count procedure and ensure whether they are approved.

The auditor should oversight the physical count.

The Auditor should make test count if it is necessary.

The auditor should test a sample from the recorded inventory.

The Auditor should select the sample items from the compilation engagement and record them into count data.

The auditor needs to ensure the numbers of purchase and sales cutoff.

The auditor should recheck the treatment provided to the merchandise.

Auditor should assure about the merchandise available in the warehouse.

Auditor should perform the analytical procedure to evaluate the inventory.

Auditor should ensure whether all inventory recorded correctly and items are classified.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 13, Problem 13.29P

a.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

To identify:The audit procedure that should be used by independent auditor that change when an entity utilizes a statistical sampling to determine inventory value.

b.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

10 normal audit procedures that should be performed to verify physical quantities.

Normal audit procedure to verify physical quantities when an entity conductsperiod physical counts of all, or part, of its inventory:

The Auditor should recheck the current inventory count procedure and ensure whether they are approved.

The auditor should oversight the physical count.

The Auditor should make test count if it is necessary.

The auditor should test a sample from the recorded inventory.

The Auditor should select the sample items from the compilation engagement and record them into count data.

The auditor needs to ensure the numbers of purchase and sales cutoff.

The auditor should recheck the treatment provided to the merchandise.

Auditor should assure about the merchandise available in the warehouse.

Auditor should perform the analytical procedure to evaluate the inventory.

Auditor should ensure whether all inventory recorded correctly and items are classified.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 13, Problem 13.29P

a.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

To identify:The audit procedure that should be used by independent auditor that change when an entity utilizes a statistical sampling to determine inventory value.

b.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

10 normal audit procedures that should be performed to verify physical quantities.

Normal audit procedure to verify physical quantities when an entity conductsperiod physical counts of all, or part, of its inventory:

The Auditor should recheck the current inventory count procedure and ensure whether they are approved.

The auditor should oversight the physical count.

The Auditor should make test count if it is necessary.

The auditor should test a sample from the recorded inventory.

The Auditor should select the sample items from the compilation engagement and record them into count data.

The auditor needs to ensure the numbers of purchase and sales cutoff.

The auditor should recheck the treatment provided to the merchandise.

Auditor should assure about the merchandise available in the warehouse.

Auditor should perform the analytical procedure to evaluate the inventory.

Auditor should ensure whether all inventory recorded correctly and items are classified.

Answer 6

Chapter 13, Problem 13.29P

a.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

To identify:The audit procedure that should be used by independent auditor that change when an entity utilizes a statistical sampling to determine inventory value.

Answer 7

Chapter 13, Problem 13.29P

a.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

To identify:The audit procedure that should be used by independent auditor that change when an entity utilizes a statistical sampling to determine inventory value.

Answer 8

b.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

10 normal audit procedures that should be performed to verify physical quantities.

Normal audit procedure to verify physical quantities when an entity conductsperiod physical counts of all, or part, of its inventory:

The Auditor should recheck the current inventory count procedure and ensure whether they are approved.

The auditor should oversight the physical count.

The Auditor should make test count if it is necessary.

The auditor should test a sample from the recorded inventory.

The Auditor should select the sample items from the compilation engagement and record them into count data.

The auditor needs to ensure the numbers of purchase and sales cutoff.

The auditor should recheck the treatment provided to the merchandise.

Auditor should assure about the merchandise available in the warehouse.

Auditor should perform the analytical procedure to evaluate the inventory.

Auditor should ensure whether all inventory recorded correctly and items are classified.

Answer 9

b.

To determine

Concept Introduction:

Audit procedure is a method performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. Audit procedure performs different test of controls to avoid the risks.

10 normal audit procedures that should be performed to verify physical quantities.

Normal audit procedure to verify physical quantities when an entity conductsperiod physical counts of all, or part, of its inventory:

The Auditor should recheck the current inventory count procedure and ensure whether they are approved.

The auditor should oversight the physical count.

The Auditor should make test count if it is necessary.

The auditor should test a sample from the recorded inventory.

The Auditor should select the sample items from the compilation engagement and record them into count data.

The auditor needs to ensure the numbers of purchase and sales cutoff.

The auditor should recheck the treatment provided to the merchandise.

Auditor should assure about the merchandise available in the warehouse.

Auditor should perform the analytical procedure to evaluate the inventory.

Auditor should ensure whether all inventory recorded correctly and items are classified.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

Ch. 13 - Prob. 13.1RQ Ch. 13 - Prob. 13.2RQ Ch. 13 - Prob. 13.3RQ Ch. 13 - Prob. 13.4RQ Ch. 13 - Prob. 13.5RQ Ch. 13 - Prob. 13.6RQ Ch. 13 - Prob. 13.7RQ Ch. 13 - Prob. 13.8RQ Ch. 13 - Prob. 13.9RQ Ch. 13 - Prob. 13.10RQ

Solution Summary: The author explains the audit procedure used by independent auditors to determine the nature of financial information provided by customers and all kinds of risks that occur in the financial statements.

Concept explainers

Want to see the full answer?

Chapter 13 Solutions