GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
21st Edition
ISBN: 9781260427202
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Question
Chapter 5, Problem 45IOQ
To determine
Identify the appropriate answer regarding the section of the audit working papers that would represent the long-term lease agreement.
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The project's main parts are as follows:
1. Provide a meaningful background of the Leases.
2. Describe the types of Leases, disclosure, and reporting issues.
3. Track the modifications regarding the Leases based on the accounting standards.
4. provide a practical case for the Leases form actual life (case study).
5. Prepare appropriate conclusion and formal report.
5.
Which of these is the set of working papers that affect the current year and future audits?
Select one:a. Permanent fileb. Current filec. Update filed. Carryover file
Explain the process of auditing the following transactions/accounts for a Mining.
• Accounts Receivable• Contract guarantees and cancellation or postponement provisions.• Contract costs• Income recognitionb.
Chapter 5 Solutions
GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
Ch. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Distinguish among routine, nonroutine, and...Ch. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - As part of the verification of accounts receivable...Ch. 5 - Prob. 9RQCh. 5 - When in the course of an audit might the auditors...
Ch. 5 - Prob. 11RQCh. 5 - Prob. 12RQCh. 5 - Prob. 13RQCh. 5 - Prob. 14RQCh. 5 - Prob. 15RQCh. 5 - Prob. 16RQCh. 5 - Prob. 17RQCh. 5 - Prob. 18RQCh. 5 - Prob. 19RQCh. 5 - What disclosures should be made in the financial...Ch. 5 - Prob. 21RQCh. 5 - Prob. 22RQCh. 5 - Prob. 23RQCh. 5 - Prob. 24RQCh. 5 - Prob. 25RQCh. 5 - Prob. 26RQCh. 5 - Prob. 27RQCh. 5 - Prob. 28RQCh. 5 - Prob. 29RQCh. 5 - Prob. 30RQCh. 5 - Prob. 31RQCh. 5 - I have finished my testing of footings of the cash...Ch. 5 - Prob. 33RQCh. 5 - Prob. 34RQCh. 5 - Financial statements contain a number of...Ch. 5 - Prob. 36QRACh. 5 - In an audit of financial statements, the auditors...Ch. 5 - Prob. 38QRACh. 5 - Prob. 39QRACh. 5 - Prob. 40QRACh. 5 - Prob. 41QRACh. 5 - Prob. 42QRACh. 5 - Prob. 43QRACh. 5 - Prob. 44QRACh. 5 - Prob. 45AOQCh. 5 - Prob. 45BOQCh. 5 - Prob. 45COQCh. 5 - Prob. 45DOQCh. 5 - Prob. 45EOQCh. 5 - Prob. 45FOQCh. 5 - Prob. 45GOQCh. 5 - Prob. 45HOQCh. 5 - Prob. 45IOQCh. 5 - Prob. 45JOQCh. 5 - Prob. 45KOQCh. 5 - A difference of opinion concerning accounting and...Ch. 5 - Prob. 46OQCh. 5 - Prob. 47OQCh. 5 - Prob. 48AOQCh. 5 - Prob. 48BOQCh. 5 - Prob. 48COQCh. 5 - The cost of analytical procedures in terms of time...Ch. 5 - Prob. 48EOQCh. 5 - Prob. 49OQCh. 5 - Prob. 50PCh. 5 - Prob. 51PCh. 5 - Prob. 52PCh. 5 - Prob. 53PCh. 5 - Prob. 54PCh. 5 - Prob. 55PCh. 5 - Prob. 56P
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Similar questions
- In performing substantive procedures for a review of Rental Revenue from Land, Buildings, and Equipment Owned by the Client but Leased to Others, what procedures should the Auditor consider.arrow_forwardChoose the correct letter.arrow_forwardThe issue of security througha number of processes .once the SEC has commented to interest on the registration statement and a preliminary prospectus has been distributed to interest invetors,the investment bankers organizeroad shows and undertake book building in the process. Required: Explain the meaning and two [2]purposes of road showa as used in the preamble above.arrow_forward
- Discuss the auditor’s responsibility for detecting subsequent events(a) prior to the completion of field work;(b) prior to signing the audit report, and(c) between the date of the audit report and the issuance of the financialreport.arrow_forwardWhat assertions found in PP&E, investments, and intangibles accounts are of interest to an auditor during the examination of the expenditure and acquisition cycle?arrow_forwardMeaning and difference between the permanent audit file and the current audit file?arrow_forward
- The audit report dates are:a. Closing date of client's bookb. The date on which the letter of representation was receivedc. The date when the audit report is submitted to the clientd. The date on which all the necessary audit procedures were performedarrow_forwardIn determining whether transactions have been recorded, the direction of the audit testing should be from the: A. General ledger balances B. Adjusted trial balance C. Original source documents D. General journal entriesarrow_forwardMy question is on auditing where I want to know whether the audit evidence is sufficient and appropriate such as oral representation by management, year end suppliers statement and physical inspection of a non current assetsarrow_forward
- Choose the documents which should be included in the audit documentation a. Summaries of significant matter O b. Issue memoranda O c. Audit program O d. All the optionsarrow_forwardThe auditing standards regarding subsequently discovered facts refers to knowledge obtained aftera. The date the fieldwork began.b. The date of the auditor’s report.c. The date of the financial statements.d. The date interim audit work was completearrow_forwardWhat are auditors’ responsibilities for subsequently discovered facts if these are identified (a)prior to the audit report release date and (b) following the audit report release date?arrow_forward
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