AUDITING+ASSURANCE SERVICES (LL)
11th Edition
ISBN: 9781266448119
Author: MESSIER
Publisher: MCG
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Question
Chapter 14, Problem 14.5RQ
To determine
Concept Introduction:
External confirmation is kind of audit evidence. This is obtained by the auditors from third party to confirm the balances or transactions. An external confirmation can be either positive or negative confirmation.
To indicate: The type of external confirmation for prepaid insurance.
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Students have asked these similar questions
Distinguish between the evaluation of the adequacy of insurancecoverage and the verification of prepaid insurance. Explain which is more important ina typical audit
Explain the relationship between substantive tests of transactionsfor the acquisition and payment cycle and tests of details of balances for the verificationof prepaid insurance
when auditing VAT payable account, what are the considerations that you need to remember and procedures that you need to do say that you have gained a reasonable assurance of its compliance with standards and regulatory protocols?
Chapter 14 Solutions
AUDITING+ASSURANCE SERVICES (LL)
Ch. 14 - Prob. 14.1RQCh. 14 - Prob. 14.2RQCh. 14 - Prob. 14.3RQCh. 14 - Prob. 14.4RQCh. 14 - Prob. 14.5RQCh. 14 - Prob. 14.6RQCh. 14 - Prob. 14.7RQCh. 14 - Prob. 14.8RQCh. 14 - Prob. 14.9RQCh. 14 - Prob. 14.10RQ
Ch. 14 - Prob. 14.11RQCh. 14 - Prob. 14.12MCQCh. 14 - Prob. 14.13MCQCh. 14 - Prob. 14.14MCQCh. 14 - Prob. 14.15MCQCh. 14 - Prob. 14.16MCQCh. 14 - Prob. 14.17MCQCh. 14 - Prob. 14.18MCQCh. 14 - Prob. 14.19MCQCh. 14 - Prob. 14.20MCQCh. 14 - Prob. 14.21MCQCh. 14 - Prob. 14.22MCQCh. 14 - Prob. 14.23PCh. 14 - Prob. 14.24PCh. 14 - Prob. 14.25PCh. 14 - Prob. 14.26PCh. 14 - Prob. 14.27PCh. 14 - Prob. 14.28P
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Similar questions
- How does the Health Insurance Portability and Accountability Act (HIPAA) facilitate electronic transactions?arrow_forwardHow does the Insurance Commission assure the investing public on the safety of the Insurance products offered in the market?arrow_forwardHow tools are used in insurance risk management?arrow_forward
- Which of the following is not an insurance management tool? Group of answer choices deductibles. screening of applicants. limits on insurance. restrictive covenants. signalling.arrow_forwardBriefly explain the difference between an insurance and an assurancepolicy?arrow_forwarddescribing how the element of "risk" factors into the concept of insurance. cite a specific type of insurance policy and indicate how risk will play into the issuance of the insurance policy.arrow_forward
- Who are the target customer of insurance companies?arrow_forwardThe Director of Insurance has the power to. make reasonable insurance rules and regulations determine standard insurance rales Veto insurance laws issue insurance policiesarrow_forwardWhat will making a prepayment for insurance have the effect of?arrow_forward
- what is the role of the Insurance Core Principles as it relates to underwriting risks, in the effective management of insurance companies?arrow_forwardWhat are the main parts of an insurance contract and what are they designed to accomplish? How are insurance contracts interpreted by the courts and regulatory bodies? In a dispute over coverage who has the burden of proof? What is subrogation as it relates to insurance? Consider a situation where a professional misrepresents information when acquiring an insurance policy and a third party is injured. What might happen if a claim is made against the insurance company that issued the policy based on fraudulent information? Will the insurance company be liable? Support your position with a specific case.arrow_forwardThe auditor is MOST likely to learn of retirements of equipment through which of the following? a. Review of the purchase and allowance account. b. Review of the sales discount account. c. Analysis of the credits to the accumulated depreciation account. d. Review of insurance policy riders. e. Confirmation of recorded credits to the accounts payable account.arrow_forward
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