Identify and describe the four presentation and disclosure audit objectives. Explain the number of the procedures to test presentation and disclosure audit objectives are integrated with tests performed in earlier stages of the audit

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Answer 1

Question

Chapter 24, Problem 1RQ

To determine

Identify and describe the four presentation and disclosure audit objectives. Explain the number of the procedures to test presentation and disclosure audit objectives are integrated with tests performed in earlier stages of the audit

Expert Solution & Answer

Explanation of Solution

The four presentations and disclosure audit objectives are as follows:

Presentation and disclosure-related audit objectives	Description
Incidence and rights and obligations	Account-related information is like explained in the footnotes exists and represents the rights and obligations of the company.
Completeness	All necessary disclosures are incorporated in the financial statement footnotes.
Accuracy and valuation	Footnote disclosures are precise and valued correctly.
Classification and understandability	Account balances are properly categorized and related financial statement disclosures are understandable.

Table (1)

The auditor carries out numerous procedures to address presentation and disclosure-related audit objectives in combination with other tests. For instance, information that has to be disclosed associated with fixed assets, like assets class, estimated useful lives of the assets, and the method of depreciation is attained throughout tests of balances for fixed assets.

Auditor uses the financial statement disclosure checklist to sum up all disclosure requirements enclosed in accounting standards. Auditors use the checklist to find out that all necessary disclosures are fully reported and disclosed in the financial statements and supplementary footnotes. It helps the auditor get adequate and appropriate audit evidence regarding the completeness objective for the presentation and disclosure-related audit objective.

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Students have asked these similar questions

Bella Brands operates with two divisions, Aftershave and Deodorant. The Aftershave Division produces a chemical that the Deodorant Division also uses. The Aftershave Division also sells this chemical to other firms for $10 per ounce. The cost information for the Aftershave Division is as follows: Variable costs per ounce $ 6.00 Fixed costs per ounce $ 15.00 Monthly production capacity 30,000 ounces If the Aftershave Division is not operating at full capacity and is able to supply the Deodorant Division with its needs for the chemical, what is the minimum transfer price that the Aftershave Division will accept? Multiple Choice None of the choices is correct. $10.00 per ounce $6.00 per ounce $15.00 per ounce $3.00 per ounce

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Answer 2

Question

Chapter 24, Problem 1RQ

To determine

Identify and describe the four presentation and disclosure audit objectives. Explain the number of the procedures to test presentation and disclosure audit objectives are integrated with tests performed in earlier stages of the audit

Expert Solution & Answer

Explanation of Solution

The four presentations and disclosure audit objectives are as follows:

Presentation and disclosure-related audit objectives	Description
Incidence and rights and obligations	Account-related information is like explained in the footnotes exists and represents the rights and obligations of the company.
Completeness	All necessary disclosures are incorporated in the financial statement footnotes.
Accuracy and valuation	Footnote disclosures are precise and valued correctly.
Classification and understandability	Account balances are properly categorized and related financial statement disclosures are understandable.

Table (1)

The auditor carries out numerous procedures to address presentation and disclosure-related audit objectives in combination with other tests. For instance, information that has to be disclosed associated with fixed assets, like assets class, estimated useful lives of the assets, and the method of depreciation is attained throughout tests of balances for fixed assets.

Auditor uses the financial statement disclosure checklist to sum up all disclosure requirements enclosed in accounting standards. Auditors use the checklist to find out that all necessary disclosures are fully reported and disclosed in the financial statements and supplementary footnotes. It helps the auditor get adequate and appropriate audit evidence regarding the completeness objective for the presentation and disclosure-related audit objective.

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Answer 3

Question

Chapter 24, Problem 1RQ

To determine

Identify and describe the four presentation and disclosure audit objectives. Explain the number of the procedures to test presentation and disclosure audit objectives are integrated with tests performed in earlier stages of the audit

Expert Solution & Answer

Explanation of Solution

The four presentations and disclosure audit objectives are as follows:

Presentation and disclosure-related audit objectives	Description
Incidence and rights and obligations	Account-related information is like explained in the footnotes exists and represents the rights and obligations of the company.
Completeness	All necessary disclosures are incorporated in the financial statement footnotes.
Accuracy and valuation	Footnote disclosures are precise and valued correctly.
Classification and understandability	Account balances are properly categorized and related financial statement disclosures are understandable.

Table (1)

The auditor carries out numerous procedures to address presentation and disclosure-related audit objectives in combination with other tests. For instance, information that has to be disclosed associated with fixed assets, like assets class, estimated useful lives of the assets, and the method of depreciation is attained throughout tests of balances for fixed assets.

Auditor uses the financial statement disclosure checklist to sum up all disclosure requirements enclosed in accounting standards. Auditors use the checklist to find out that all necessary disclosures are fully reported and disclosed in the financial statements and supplementary footnotes. It helps the auditor get adequate and appropriate audit evidence regarding the completeness objective for the presentation and disclosure-related audit objective.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 24, Problem 1RQ

To determine

Identify and describe the four presentation and disclosure audit objectives. Explain the number of the procedures to test presentation and disclosure audit objectives are integrated with tests performed in earlier stages of the audit

Expert Solution & Answer

Explanation of Solution

The four presentations and disclosure audit objectives are as follows:

Presentation and disclosure-related audit objectives	Description
Incidence and rights and obligations	Account-related information is like explained in the footnotes exists and represents the rights and obligations of the company.
Completeness	All necessary disclosures are incorporated in the financial statement footnotes.
Accuracy and valuation	Footnote disclosures are precise and valued correctly.
Classification and understandability	Account balances are properly categorized and related financial statement disclosures are understandable.

Table (1)

The auditor carries out numerous procedures to address presentation and disclosure-related audit objectives in combination with other tests. For instance, information that has to be disclosed associated with fixed assets, like assets class, estimated useful lives of the assets, and the method of depreciation is attained throughout tests of balances for fixed assets.

Auditor uses the financial statement disclosure checklist to sum up all disclosure requirements enclosed in accounting standards. Auditors use the checklist to find out that all necessary disclosures are fully reported and disclosed in the financial statements and supplementary footnotes. It helps the auditor get adequate and appropriate audit evidence regarding the completeness objective for the presentation and disclosure-related audit objective.

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Answer 5

Chapter 24, Problem 1RQ

To determine

Identify and describe the four presentation and disclosure audit objectives. Explain the number of the procedures to test presentation and disclosure audit objectives are integrated with tests performed in earlier stages of the audit

Expert Solution & Answer

Explanation of Solution

The four presentations and disclosure audit objectives are as follows:

Presentation and disclosure-related audit objectives	Description
Incidence and rights and obligations	Account-related information is like explained in the footnotes exists and represents the rights and obligations of the company.
Completeness	All necessary disclosures are incorporated in the financial statement footnotes.
Accuracy and valuation	Footnote disclosures are precise and valued correctly.
Classification and understandability	Account balances are properly categorized and related financial statement disclosures are understandable.

Table (1)

The auditor carries out numerous procedures to address presentation and disclosure-related audit objectives in combination with other tests. For instance, information that has to be disclosed associated with fixed assets, like assets class, estimated useful lives of the assets, and the method of depreciation is attained throughout tests of balances for fixed assets.

Auditor uses the financial statement disclosure checklist to sum up all disclosure requirements enclosed in accounting standards. Auditors use the checklist to find out that all necessary disclosures are fully reported and disclosed in the financial statements and supplementary footnotes. It helps the auditor get adequate and appropriate audit evidence regarding the completeness objective for the presentation and disclosure-related audit objective.

Answer 6

Chapter 24, Problem 1RQ

To determine

Identify and describe the four presentation and disclosure audit objectives. Explain the number of the procedures to test presentation and disclosure audit objectives are integrated with tests performed in earlier stages of the audit

Expert Solution & Answer

Explanation of Solution

The four presentations and disclosure audit objectives are as follows:

Presentation and disclosure-related audit objectives	Description
Incidence and rights and obligations	Account-related information is like explained in the footnotes exists and represents the rights and obligations of the company.
Completeness	All necessary disclosures are incorporated in the financial statement footnotes.
Accuracy and valuation	Footnote disclosures are precise and valued correctly.
Classification and understandability	Account balances are properly categorized and related financial statement disclosures are understandable.

Table (1)

The auditor carries out numerous procedures to address presentation and disclosure-related audit objectives in combination with other tests. For instance, information that has to be disclosed associated with fixed assets, like assets class, estimated useful lives of the assets, and the method of depreciation is attained throughout tests of balances for fixed assets.

Auditor uses the financial statement disclosure checklist to sum up all disclosure requirements enclosed in accounting standards. Auditors use the checklist to find out that all necessary disclosures are fully reported and disclosed in the financial statements and supplementary footnotes. It helps the auditor get adequate and appropriate audit evidence regarding the completeness objective for the presentation and disclosure-related audit objective.

Answer 7

Chapter 24, Problem 1RQ

To determine

Identify and describe the four presentation and disclosure audit objectives. Explain the number of the procedures to test presentation and disclosure audit objectives are integrated with tests performed in earlier stages of the audit

Answer 8

Expert Solution & Answer

Explanation of Solution

The four presentations and disclosure audit objectives are as follows:

Presentation and disclosure-related audit objectives	Description
Incidence and rights and obligations	Account-related information is like explained in the footnotes exists and represents the rights and obligations of the company.
Completeness	All necessary disclosures are incorporated in the financial statement footnotes.
Accuracy and valuation	Footnote disclosures are precise and valued correctly.
Classification and understandability	Account balances are properly categorized and related financial statement disclosures are understandable.

Table (1)

The auditor carries out numerous procedures to address presentation and disclosure-related audit objectives in combination with other tests. For instance, information that has to be disclosed associated with fixed assets, like assets class, estimated useful lives of the assets, and the method of depreciation is attained throughout tests of balances for fixed assets.

Auditor uses the financial statement disclosure checklist to sum up all disclosure requirements enclosed in accounting standards. Auditors use the checklist to find out that all necessary disclosures are fully reported and disclosed in the financial statements and supplementary footnotes. It helps the auditor get adequate and appropriate audit evidence regarding the completeness objective for the presentation and disclosure-related audit objective.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 24 - Prob. 1RQ Ch. 24 - Explain why an auditor is interested in a clients...Ch. 24 - Prob. 3RQ Ch. 24 - Prob. 4RQ Ch. 24 - Prob. 5RQ Ch. 24 - Prob. 6RQ Ch. 24 - Prob. 7RQ Ch. 24 - Prob. 8RQ Ch. 24 - What major considerations should the auditor take...Ch. 24 - Identify five audit procedures normally done as a...

Identify and describe the four presentation and disclosure audit objectives. Explain the number of the procedures to test presentation and disclosure audit objectives are integrated with tests performed in earlier stages of the audit

Identify and describe the four presentation and disclosure audit objectives. Explain the number of the procedures to test presentation and disclosure audit objectives are integrated with tests performed in earlier stages of the audit

Explanation of Solution

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