Concept explainers
a.
Introduction: The procedures performed by an auditor to procure accuracy and reliability about the management’s assertion is known as substantive analytical procedures. Substantive analytical procedures are performed by an auditor based on their opinion about the effectiveness of company’s internal control
To define: The substantive
b.
Introduction:The procedures performed by an auditor to procure accuracy and reliability about the management’s assertion is known as substantive analytical procedures. Substantive analytical procedures are performed by an auditor based on their opinion about the effectiveness of company’s internal control.
The substantive audit procedure to check whether the equipment account was properly recorded during the year.
c.
Introduction: The procedures performed by an auditor to procure accuracy and reliability about the management’s assertion is known as substantive analytical procedures. Substantive analytical procedures are performed by an auditor based on their opinion about the effectiveness of the company’s internal control.
To define: The information needed by the auditor to ensure that the construction equipment-net of depreciation is properly recorded in the balance sheet.
d.
Introduction: The procedures performed by an auditor to procure accuracy and reliability about the management’s assertion is known as substantive analytical procedures. Substantive analytical procedures are performed by an auditor based on their opinion about the effectiveness of the company’s internal control.
If the client has assigned the appropriate useful life of an asset and its depreciation charged.
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Chapter 5 Solutions
AUDITING-TEXT (LOOSELEAF)
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- What is its level of inventory?arrow_forwardThe Blending Department of Riverside Beverage Company had 8,500 ounces in beginning work in process inventory (85% complete). During the period, 52,300 ounces were completed. The ending work in process inventory was 3,100 ounces (75% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process?arrow_forwardWhat was its total assets turnover ratio?arrow_forward
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub