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All written assignments will be scanned by Turnitin, a software that looks for similarity in writing between one source and another.

Confirmation of accounts receivable is presumptively a mandatory audit procedure. In performing this procedure, auditors use positive confirmation requests or negative confirmation requests or a combination of both.     a. Describe at least two conditions which should exist for the auditors to use the negative form of request.  b. If a response is not received to an initial positive confirmation request, describe the action that should be taken by the auditors, including a discussion of alternative auditing procedures.  

You have been assigned to work on the audit of accounts payable and are performing a search for unrecorded liabilities. The client has provided you with a check register showing all checks written subsequent to year end through the date of fieldwork.   In conducting the audit procedures for the search for unrecorded liabilities, the materiality/scope for this area was assessed by the auditors at $6,000. Adjustments are only recorded for items that are individually equal to, or exceeding materiality. The last day of fieldwork is estimated to be February 1, 2022.  The client’s year end is December 31, 2021. For the items reflected in the following check register, none of which are recorded in the accounts payable subsidiary ledger at December 31, 2021, determine if each potential liability should be recorded as of December 31, 2021 and also determine the amount that should be journalized, if any. If no action is required, you must enter $0. For each of the check numbers in the table below indicate if an adjustment is needed, the amount and an explanation.  Check Register Vendor Check # Check date Amount Nature of the expenses Daniel Breen, Esquire 1334 1/6/2022 $6,000 Corporate legal services for December, 2021 Payroll processing—Paychecks 1336 1/10/2022 $25,500 Biweekly payroll (12/25/2021–1/7/2022) Petty cash 1338 1/17/2022 $2,002 Replenish petty cash box for expenses from 1/12/22 Smith’s Forklift Repairs 1339 1/22/2022 $11,000 Received new forklift on 12/29/2021, ordered on 12/18/2021 Payroll processing—Paychecks 1341 1/24/2022 $25,500 Biweekly payroll (1/8/2022–1/15/2022)   Check # Adjustment Needed? (Yes/No) Amount Explanation/Calculation 1334       1336       1338       1339       1341                

5. This organization developed a set of criteria that provide management with a basis to evaluate controls not only over financial reporting, but also over the effectiveness and efficiency of operations and compliance with laws and regulations: 

24. When counting cash on hand the auditor must exercise simultaneous control over all cash and other negotiable assets to prevent

Purchase cutoff procedures should be designed to produce evidence of whether merchandise is included in the inventory of the client company if the company

Identify three examples of information that would raise going concern questions. 

Which of the following is not true about the confirmation of accounts receivable?

Which of the following is not a procedure that is typically completed near the end of fieldwork?

Confirmation of accounts receivable best addresses which of the following assertions?