Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process. To state: As an auditor, the action that needs to be taken on: If there should be an agreement or disagreement with the partner. In case of a disagreement, describe its consequences in the firm.

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I am trying to find the accurate solution to this general accounting problem with appropriate explanations.

Answer 1

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Chapter 5, Problem 42RQSC

a.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: As an auditor, the action that needs to be taken on:

If there should be an agreement or disagreement with the partner.

In case of a disagreement, describe its consequences in the firm.

b.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To explain: The factors that support the existence of material weakness in the internal control.

c.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: The material weakness that can be included in the report.

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Answer 2

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Chapter 5, Problem 42RQSC

a.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: As an auditor, the action that needs to be taken on:

If there should be an agreement or disagreement with the partner.

In case of a disagreement, describe its consequences in the firm.

b.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To explain: The factors that support the existence of material weakness in the internal control.

c.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: The material weakness that can be included in the report.

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Answer 3

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Chapter 5, Problem 42RQSC

a.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: As an auditor, the action that needs to be taken on:

If there should be an agreement or disagreement with the partner.

In case of a disagreement, describe its consequences in the firm.

b.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To explain: The factors that support the existence of material weakness in the internal control.

c.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: The material weakness that can be included in the report.

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Answer 4

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Chapter 5, Problem 42RQSC

a.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: As an auditor, the action that needs to be taken on:

If there should be an agreement or disagreement with the partner.

In case of a disagreement, describe its consequences in the firm.

b.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To explain: The factors that support the existence of material weakness in the internal control.

c.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: The material weakness that can be included in the report.

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Answer 5

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Answer 6

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Answer 7

Chapter 5, Problem 42RQSC

a.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: As an auditor, the action that needs to be taken on:

If there should be an agreement or disagreement with the partner.

In case of a disagreement, describe its consequences in the firm.

b.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To explain: The factors that support the existence of material weakness in the internal control.

c.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: The material weakness that can be included in the report.

Answer 8

Chapter 5, Problem 42RQSC

a.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: As an auditor, the action that needs to be taken on:

If there should be an agreement or disagreement with the partner.

In case of a disagreement, describe its consequences in the firm.

Answer 9

Chapter 5, Problem 42RQSC

a.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: As an auditor, the action that needs to be taken on:

If there should be an agreement or disagreement with the partner.

In case of a disagreement, describe its consequences in the firm.

Answer 10

b.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To explain: The factors that support the existence of material weakness in the internal control.

Answer 11

b.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To explain: The factors that support the existence of material weakness in the internal control.

Answer 12

c.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: The material weakness that can be included in the report.

Answer 13

c.

To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors i.e. internal auditors and external auditors, that carry out the auditing process.

To state: The material weakness that can be included in the report.

Answer 14

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Answer 25

Ch. 5 - Prob. 1CYBK Ch. 5 - Prob. 2CYBK Ch. 5 - Prob. 3CYBK Ch. 5 - Prob. 4CYBK Ch. 5 - Prob. 5CYBK Ch. 5 - Prob. 6CYBK Ch. 5 - Prob. 7CYBK Ch. 5 - Prob. 8CYBK Ch. 5 - Prob. 9CYBK Ch. 5 - Prob. 10CYBK

Chapter 5 Solutions