Week 5 Solutions

Topics: Internal control, Audit, Invoice Pages: 4 (819 words) Published: April 6, 2013
Week 5 HW Solutions


* Discussion Questions and Problems


a.| b.|
1.TD of B2.TD of B3.AP4.T of C5.ST of T6.AP7.TD of B8.T of C9.TD of B10.T of C11.T of C| RecalculationDocumentationAnalytical proceduresDocumentationDocumentationAnalytical proceduresDocumentationInquiry and observation ConfirmationDocumentationInquiry| 13-25

a.| b.| c.| d.| e.| f.| 1.Acquisition and Payment| Recalculation| Substantive| S T of T| Posting and summarization| N/A| 2.Acquisition and Payment| Documentation| Test of control or Substantive| S T of T| Occurrence| N/A| 3.Acquisition and Payment| Documentation| Substantive| T D of B| N/A| Cutoff| 4.Sales and Collection| Inquiry| Substantive| T D of B| N/A| Realizable value| 5.Inventory and Warehousing| Analytical

procedure| Substantive| A P| N/A| Realizable value| 6.Capital Acquisition and Repayment| Confirmation| Substantive| T D of B| N/A| Existence Accuracy|

7.Acquisition and Payment| Recalculation| Substantive| T D of B| N/A| Detail tie-in|

13-33a.Factors which could explain the difference in the amount of evidence accumulated in different parts as well as the total time spent on the engagement are:

1.Internal control
2.Materiality of the account balance
3.Size of the populations
4.Makeup of populations
5.Initial vs. repeat engagement
6.Results of the current and previous audits
7.Existence of unusual transactions
8.Motivation of the client to misstate the...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • NTC411 Week 5 Security Solutions Essay
  • You Decide Week 5 Essay
  • week 5 auditing paper
  • week 5 Essay
  • week 5 Essay
  • Essay about Week 1 Homework Solutions
  • FIN515 Week 5 Problem Set Solutions Essay
  • Week 5 Assignment 5 Essay

Become a StudyMode Member

Sign Up - It's Free