Question
In: Accounting
what are the risk associated with prepaid expense that the auditor needs to be aware of?...
what are the risk associated with prepaid expense that the auditor needs to be aware of? How do they deal with these risks in their audit program?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
When assessing the risk associated with an activity, an internal auditor should: a) Determine how the...
When assessing the risk associated with an activity, an internal
auditor should: a) Determine how the risk should best be managed.
b) Provide assurance on the management of the risk. c) Update the
risk management process based on risk exposures. d) Design controls
to mitigate the identified risks. 12. In deciding whether to
schedule the purchasing or the personnel department for an audit
engagement, which of the following would be the least important
factor? a. There have been major changes...
Control 7: If a company’s control risk is initially assessed as low, the auditor needs to...
Control 7:
If a company’s control risk is initially assessed as low, the
auditor needs to gather evidence on the operating effectiveness of
the controls. For the following control activity listed, do the
following two tasks:
a. Describe the test of control that the auditor would use to
determine the operating effectiveness of the control.
b. Briefly describe how substantive tests of account balances
should be modified if the auditor finds that the control is not
working as planned. In...
Control 8: If a company’s control risk is initially assessed as low, the auditor needs to...
Control 8:
If a company’s control risk is initially assessed as low, the
auditor needs to gather evidence on the operating effectiveness of
the controls. For the following control activity listed, do the
following two tasks:
a. Describe the test of control that the auditor would use to
determine the operating effectiveness of the control.
b. Briefly describe how substantive tests of account balances
should be modified if the auditor finds that the control is not
working as planned. In...
Describe the matching principles in accounting. How is prepaid expense accounted for? Give an example. What...
Describe the matching principles in accounting. How is prepaid
expense accounted for? Give an example. What is the difference
between cash basis accounting and accrual basis accounting?
Describe the matching principles in accounting. How is prepaid expense accounted for? Give an example. What...
Describe the matching principles in accounting. How is prepaid
expense accounted for? Give an example. What is the difference
between cash basis accounting and accrual basis accounting?
What government, community, and private programs are you aware of that address the needs of hungry...
What government, community, and private programs are you aware
of that address the needs of hungry children and families in the
United States? What else needs to be done to address this
issue?
Everyone is probably aware of the overall concept of risk and return. We are well aware...
Everyone is probably aware of the overall concept of risk and
return. We are well aware of the "painful" side of risks present in
our investments or 401k plans. However, we want to broaden our
awareness that "risk" is not necessarily a bad word. In other
words, we want to take a look at risk balance.
For your initial post discuss the concept of "no risk, no
return" and its corollary "high risk, high return". How does risk
appetite relate...
what is the accounting associated with commitments? What does the auditor need to look for when...
what is the accounting associated with commitments? What does
the auditor need to look for when reviewing the commitments of
their clients?
What type of risk does beta measure? Is this risk associated with the risk premium of...
What type of risk does beta measure? Is this risk associated
with the risk premium of an asset?
Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4)...
Classify the following items as: (1) prepaid expense, (2)
unearned revenue, (3) accrued expense, or (4) accrued revenue.
Fees received but not yet earned:
_______________________________
Fees earned but not yet received:
_______________________________
Paid premium on a one-year insurance policy:
_____________________
Sales tax owed to be paid beginning of next year:
__________________
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