Question
In: Accounting
As an auditor Do you believe this standard( AS 2510 Auditing inventories ) would allow the...
As an auditor Do you believe this standard( AS 2510 Auditing inventories ) would allow the use of drones and automated counting software? Explain your answer
Solutions
ekkarill92 answered 1 year agoRelated Solutions
International Standard on Auditing (ISA) 620 (Using the Work of an Expert) recognizes that an auditor...
International Standard on Auditing (ISA) 620 (Using the Work of
an Expert) recognizes that an auditor may need to obtain evidence
in the form of reports, opinions, valuations and/or statements from
an expert.
Required
a) Briefly explain the factors that an auditor should take into
consideration when deciding whether to use the work of an
expert.
b) Explain whether an auditor who has relied on the work of an
expert in his audit should make reference to the expert in...
You and your senior auditor are auditing VAX LLC Muscat. Your senior auditor asked you to...
You and your senior auditor are auditing VAX LLC Muscat. Your
senior auditor asked you to check whether there is any doubt over
VAX LLC’s ability to continue as going concern. You know that you
may have to check multiples details to ensure the ability to
continue as going concern like if there is any abnormal fluctuation
in key financial ratios or variables, future risk prospectus of the
business etc. You evaluated the pros and cons of various methods of...
What do auditing standards require of the auditor regarding the assessment of material misstatement due to...
What do auditing standards require of the auditor regarding the
assessment of material misstatement due to fraud?
How do you think the market for auditing and legal advising would be affected if the...
How do you think the market for auditing and legal advising
would be affected if the Big Four were to have an oligopoly in
those markets?
You believe both populations are normally distributed, but you do not know the standard deviations for...
You believe both populations are normally distributed, but you
do not know the standard deviations for either. And you have no
reason to believe the variances of the two populations are equal
You obtain a sample of size n1=20n1=20 with a mean of
¯x1=53.2x¯1=53.2 and a standard deviation of s1=20.4s1=20.4 from
the first population. You obtain a sample of size n2=26n2=26 with a
mean of ¯x2=62.8x¯2=62.8 and a standard deviation of s2=10.8s2=10.8
from the second population.
What is the test...
Assume that you are a junior auditor in a small auditing firm. You have been working...
Assume that you are a junior auditor in a small auditing firm.
You have been working with them for one year now. One senior
auditor has been on sick leave for one week already and still has
no sign of coming back to work. You have been told by the audit
manager that you must complete some complicated bank reconciliation
work which the senior auditor should have done but she became sick.
The due date given by the manager seems...
Your firm is the external auditor of Southwood Trading Ltd and you are auditing the financial...
Your firm is the external auditor of Southwood Trading Ltd and
you are auditing the financial statements for the year ended
30th June 2016. Southwood Trading has a turnover of $25
million and trade debtors at 30th June 2009 were
$5.2million.
The engagement partner has asked you to consider the relative
reliability of evidence from third parties and certain matters
relating to a debtor’s circularization.
In relation to requirement b)(ii) below , the partners has
explained that judgment would be...
Assume that you are a newly appointed junior auditor in KPMG, an auditing firm. After a...
Assume that you are a newly appointed junior auditor in KPMG, an
auditing firm. After a 3-month rigorous training on the job, you
have been awarded the certificate of completion and is now ready to
embark on your very first assignment. Today, your first job was to
evaluate the audit evidence
gathered by your team fromMuscat Trading and see if they are
reliable or not based on ISA 500. The following are the evidences
gathered in various forms:
a) You...
Assume that you are a newly appointed junior auditor in KPMG, an auditing firm. After a...
Assume that you are a newly appointed junior auditor
in KPMG, an auditing firm. After a 3-month rigorous training on the
job, you have been awarded the certificate of completion and is now
ready to embark on your very first assignment. Today, your first
job was to evaluate the audit evidence
gathered by your team fromMuscat Trading and see if they are
reliable or not based on ISA 500. The following are the evidences
gathered in various forms:
a) You...
Assume that you are a newly appointed junior auditor in Ernst & Young, an auditing firm....
Assume that you are a newly appointed junior auditor in Ernst
& Young, an auditing firm. After a 3month rigorous training on
the job, you have been awarded the certificate of completion and is
now ready to embark on your very first assignment. Today, your
first job was to evaluate the audit evidence gathered by your team
from Shinas Trading and see if they are reliable or not based on
ISA 500. The following are the evidences gathered in various...
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