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The company holds bonds. The responsibility of the collection of interest and principal should be delegated to:
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- The company holds bonds. The responsibility of the collection of interest andprincipal should be delegated to: choices: The internal auditorCashierTreasurerAccounting supervisorThe company holds bonds. The responsibility of the collection of interest and principal should be delegated to: a. The internal auditor b. Cashierc. Treasurerd. Accounting supervisorAuditing Debt and EquityThe following is attached to the company's financial statements, pay attention to the noncurrent liabilities and shareholders’ equity sections. Questions:a. Based on the financial statements above, explain possible “debt to equity swap” scheme carried out by the client!b. What evidence do you need to collect to ensure that the client's debt to equity swap is free from material misstatement?
- Which of the following audit objectives ensure that if accounts receivable is pledged as security for debt, such information should be revealed in the financial statements? a. Ownership b. Disclosure c. Occurrence d. Rights and obligationsWhich financial item of a bank is audited when the auditor pays particular attention toestablishing the ownership of instruments held in bearer form and whether there are anyencumbrances on the title to the instruments? A. Due from other banksB. Securities held for trading purposesC. Investments in Subsidiaries and Associated EntitiesD. LoansThe primary responsibility for the preparation of the financial statementsis reposed in A. AccountantB. Internal AuditorC. President of the EntityD. Management of the Entity
- The treasury department maintains the custody over the company's investments. Both the accounting and treasury maintain its own records over investments. During the company's month end procedures, the person that should reconcile the investment records and the actual securities on hand should be: a. The investment committeeb. An independent person in the treasury departmentc. An independent person in the accounting department d.The accounting staff recording investment transactionsThe treasury department maintains the custody over the company's investments. Both the accounting and treasury maintain its own records over investments. During the company's month end procedures, the person that should reconcile the investment records and the actual securities on hand should be: Group of answer choices The investment committee An independent person in the treasury department An independent person in the accounting department The accounting staff recording investment transactionsAuditing Debt and Equity The following is attached to the company's financial statements, pay attention to the non current liabilities and shareholders’ equity sections. Questions:a. Based on the financial statements above, explain possible “debt to equity swap” scheme carried out by the client! b. What evidence do you need to collect to ensure that the client's debt to equity swap is free from material misstatement?
- Users of audited financial statements include: Management Stockholders Bond holders All of the aboveThe treasury department maintains the custody over the company's investments. Both the accounting and treasury maintain its own records over investments. During the company's month end procedures, the person that should reconcile the investment records and the actual securities on hand should be: The investment committee An independent person in the treasury department An independent person in the accounting department The accounting staff recording investment transactionsThe primary reason for preparing a reconciliation between interest-bearing obligations outstanding during the year and interest expense in the financial statements is toa. Evaluate internal control over securities.b. Determine the validity of prepaid interest expense.c. Ascertain the reasonableness of imputed interest.d. Detect unrecorded liabilities.