'Aanna Lukasik\r'

'aAnna Lukasik Acc 422-8909 Q 8-31 1. Not need during this stage †2. Substantive examen 2. Should focus on enhancing the canvasor’s understanding of the auditors understanding of the guest’s business and the transactions and events that have occurred since the populate audit date. †1 prep 3. Should focus on identifying areas that may represent specific risks germane(predicate) to the audit. †1. Planning 4. Do not result in detective work of misstatements. †4 Statement is not clear up concerning anatical procedures 5.Designed to incur evidential matter about particular assertions associate to account balances or classed of transactions. †2 Substantive testing 6. Generally use data aggregated at a lower level than the other stages. †2 Substantive testing 7. Should include reading the pecuniary statements and notes to consider the adequacy of evidence gathered †3. overall review 8. Involve reconciliation of endorseation replies with enter book amounts †4 Statement is not correct concerning analytical procedures 9. Use of preliminary or maladjusted working trial balance as a source of data †1 Planning the audit 10.Expected to result in reduced level of detecting risk †2 Substantive testing Q-30 a) The minutes of each meeting refer to the minutes of preceding(prenominal) meeting. In addition the auditor should obtain the adjoining year’s minutes, probably for February 2010, to make legitimate the previous minutes referred to were those from September 16, 2009. b) Information relevant to 2009 Audit Audit Action Required February 15 1. Approval for increased distribution During analytical procedures, an cost of $500 000. ncrease of $500000 should be expected for distribution be 2. Unresolved tax dispute. Evaluate resolution of dispute and adequacy of disclosure in FS 3. Computer equipment donated. chink that old equipment was in good order treated in 2008 in the statements and that appropriate deduction was taken 4. Annual specie dividend. Calculate total dividends to determine that dividend was correctly recorded. 5. Officers’ bonuses. mold were paid in 2009. Consider the tax implications of free bonuses to officers.September 16 1. 2009 Officers’ elected. Inform staff of possibility of related party transaction. 2. Officers’ salary information. Note information in audit files for 2010 audit. 3. Pension and profit sharing plan. sterilize if the pension/profit sharing plan was approved. If so make sure all assets and liabilities have been correctly recorded. 4. Loan. Examine supporting documentation of loan and confirm loan information with bank. 5. Aquistation of new computers syst Determine of garbage disposal of the 1 year old equipment and check the record of the operations. 6. Auditor Selection\r\n'