Loose Leaf for Auditing & Assurance Services
7th Edition
ISBN: 9781260152166
Author: Timothy J Louwers, Allen Blay, David Sinason Associate Professor, Jerry R Strawser, Jay C. Thibodeau Associate Professor
Publisher: McGraw-Hill Education
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Question
Chapter 8, Problem 47EP
a.
To determine
Identify the management assertion for the given situations.
b.
To determine
Identify the test of control that auditor used to verify the control was operating effectively.
c.
To determine
State an example of an error or fraud when control is absent or ineffective.
d.
To determine
State a substantive procedure to find errors or frauds in the absence or ineffectiveness of the control items.
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Anti-Pandemic Pharma Co. Ltd. reports the following information in its income statement:
Sales = $5,250,000; Costs = $2,173,000; Other expenses = $187,400; Depreciation expense = $79,000; Interest expense= $53,555; Taxes = $76,000; Dividends = $69,000.
$136,700 worth of new shares were also issued during the year and long-term debt worth $65,300 was redeemed.
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Answer the questions in the attached image
Auditor should assess the likelihood of --------- when identifying potential criteria for the audit.
material misstatement wrong answer
Chapter 8 Solutions
Loose Leaf for Auditing & Assurance Services
Ch. 8 - Prob. 1RCCh. 8 - Prob. 2RCCh. 8 - Prob. 3RCCh. 8 - Prob. 4RCCh. 8 - Prob. 5RCCh. 8 - Prob. 6RCCh. 8 - Prob. 7RCCh. 8 - Prob. 8RCCh. 8 - Prob. 9RCCh. 8 - Prob. 10RC
Ch. 8 - Prob. 11RCCh. 8 - Prob. 12RCCh. 8 - Prob. 13RCCh. 8 - Prob. 14RCCh. 8 - How would substantive procedures for accounts...Ch. 8 - Prob. 16RCCh. 8 - Prob. 17RCCh. 8 - Prob. 18RCCh. 8 - Prob. 19RCCh. 8 - Prob. 20RCCh. 8 - Prob. 21RCCh. 8 - Prob. 22RCCh. 8 - Prob. 23RCCh. 8 - Prob. 24RCCh. 8 - Prob. 25RCCh. 8 - Prob. 26RCCh. 8 - If Lee had not been seen taking employees out in a...Ch. 8 - Prob. 28RCCh. 8 - Prob. 29MCQCh. 8 - Prob. 30MCQCh. 8 - Prob. 31MCQCh. 8 - Prob. 32MCQCh. 8 - Prob. 33MCQCh. 8 - Prob. 34MCQCh. 8 - Prob. 35MCQCh. 8 - Prob. 36MCQCh. 8 - Prob. 37MCQCh. 8 - Prob. 38MCQCh. 8 - Prob. 39MCQCh. 8 - Prob. 40MCQCh. 8 - Prob. 41MCQCh. 8 - Prob. 42MCQCh. 8 - Prob. 43MCQCh. 8 - Prob. 44MCQCh. 8 - Prob. 45MCQCh. 8 - Prob. 46MCQCh. 8 - Prob. 47EPCh. 8 - Prob. 48EPCh. 8 - Prob. 49EPCh. 8 - Prob. 50EPCh. 8 - Prob. 51EPCh. 8 - Prob. 52EPCh. 8 - Prob. 53EPCh. 8 - Prob. 54EPCh. 8 - Prob. 55EPCh. 8 - Prob. 56EPCh. 8 - Prob. 57EPCh. 8 - Prob. 58EP
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