Explain the probability that the client perform the reconciliation, assuming that the auditor intends to perform adequate additional tests.

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Answer 1

Question

Chapter 18, Problem 10DQP

a.

To determine

Explain the probability that the client perform the reconciliation, assuming that the auditor intends to perform adequate additional tests.

b.

To determine

Explain the additional test that should be performed for each of the five statements that include differences.

c.

To determine

Explain the audit procedures that should be performed for the non response to the confirmation request.

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Katherine Brewer is the stockholder and operator of Our Idol LLC, a motivational consulting business. At the end of its accounting period, December 31, 2017, Our Idol has assets of $574,000 and liabilities of $138,000. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31, 2017. b. Stockholders' equity as of December 31, 2018, assuming that assets increased by $109,000 and liabilities decreased by $33,000 during 2018.

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Answer 2

Question

Chapter 18, Problem 10DQP

a.

To determine

Explain the probability that the client perform the reconciliation, assuming that the auditor intends to perform adequate additional tests.

b.

To determine

Explain the additional test that should be performed for each of the five statements that include differences.

c.

To determine

Explain the audit procedures that should be performed for the non response to the confirmation request.

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Answer 3

Question

Chapter 18, Problem 10DQP

a.

To determine

Explain the probability that the client perform the reconciliation, assuming that the auditor intends to perform adequate additional tests.

b.

To determine

Explain the additional test that should be performed for each of the five statements that include differences.

c.

To determine

Explain the audit procedures that should be performed for the non response to the confirmation request.

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Answer 4

Question

Chapter 18, Problem 10DQP

a.

To determine

Explain the probability that the client perform the reconciliation, assuming that the auditor intends to perform adequate additional tests.

b.

To determine

Explain the additional test that should be performed for each of the five statements that include differences.

c.

To determine

Explain the audit procedures that should be performed for the non response to the confirmation request.

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Answer 5

Chapter 18, Problem 10DQP

a.

To determine

Explain the probability that the client perform the reconciliation, assuming that the auditor intends to perform adequate additional tests.

b.

To determine

Explain the additional test that should be performed for each of the five statements that include differences.

c.

To determine

Explain the audit procedures that should be performed for the non response to the confirmation request.

Answer 6

Chapter 18, Problem 10DQP

a.

To determine

Explain the probability that the client perform the reconciliation, assuming that the auditor intends to perform adequate additional tests.

Answer 7

Chapter 18, Problem 10DQP

a.

To determine

Explain the probability that the client perform the reconciliation, assuming that the auditor intends to perform adequate additional tests.

Answer 8

b.

To determine

Explain the additional test that should be performed for each of the five statements that include differences.

Answer 9

b.

To determine

Explain the additional test that should be performed for each of the five statements that include differences.

Answer 10

c.

To determine

Explain the audit procedures that should be performed for the non response to the confirmation request.

Answer 11

c.

To determine

Explain the audit procedures that should be performed for the non response to the confirmation request.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 18 - List five asset accounts, three liability...Ch. 18 - Prob. 2DQP Ch. 18 - Prob. 3DQP Ch. 18 - Prob. 4DQP Ch. 18 - Prob. 5DQP Ch. 18 - Prob. 6DQP Ch. 18 - Prob. 7DQP Ch. 18 - Prob. 8DQP Ch. 18 - Prob. 9DQP Ch. 18 - Prob. 10DQP

Explain the probability that the client perform the reconciliation, assuming that the auditor intends to perform adequate additional tests.

Solution Summary: The author explains that the reconciliation of statements of vendors is an important procedure until the auditor has control over the financial statements.

Explain the probability that the client perform the reconciliation, assuming that the auditor intends to perform adequate additional tests.

Explain the additional test that should be performed for each of the five statements that include differences.

Explain the audit procedures that should be performed for the non response to the confirmation request.

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Chapter 18 Solutions