Describe the process of correcting an error when it’s discovered in a subsequent reporting period.

Q: Describe the purpose and give examples of audit procedures in the search for unrecorded liabilities.

A: The search of unrecorded liabilities is the set of procedures designed to yield audit evidence of…

Q: Distinguish between two general types of subsequent events and explain how they are differed

A: Events that occur after the year end period but before the financial statements are produced are…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting changes and…

A: IFRS stands for International Financial Reporting Standards IFRS consists of various accounting…

Q: Discuss the accounting implications of the update, insertion, and deletion anomalies associated with…

A: Anomalies: Anomalies are the problems that occur due to the poor planning and from the databases…

Q: necessary adjustments. Pass necessary journal entries to rectify these errors.

A: Adjustment entries are those entries which are recorded in order to correct and also make necessary…

Q: Explain post-audit

A: Post audit: A combination of procedures for assessing a capital budgeting decision afterward the…

Q: What is a post-audit, and what is the purpose ofthis audit?

A: Audit:   An audit is an organised and self-regulated inspection of books of accounts. This…

Q: Explain the difference between an attribute and an exceptioncondition. State the exception condition…

A: Introduction: Auditing: The process through which the financial information reported in the…

Q: MUS's auditor assesses what is an acceptable misstatement

A: Dollar unit sampling (MUS) is a quantitative sampling procedure that is sometimes referred to as…

Q: Discuss and illustrate how a correction of an error in previously issued financial statements should…

A:

Q: Meaning and difference between the permanent audit file and the current audit file?

A: Permanent audit files: Permanent audit files are the records that are used to preserve the documents…

Q: An adjusting event is one that: Select one alternative: occurs after reporting date and…

A: Adjusting events are those events which provide evidence of the conditions existing at the reporting…

Q: Which of the following management assertion is the most suitable assertion for “inspecting invoices…

A: Assertions: Some of the statements made by the financial statement preparer of a firm include…

Q: auditor

A: an auditor distinguish between an adjusting event and non-adjusting event as follow

Q: Define adjustment entries and how they are passed?

A: Adjusting entries are those entries which are made at the end of the accounting period, to record…

Q: How are beginning balances audited?

A: Audit: Audit is the process of verification of the compliance of the financial statements.…

Q: How are errors corrected if they're not properly accounted for?

A: The errors can happen as all the things are human oriented. The error can happen as the process of…

Q: then, discuss the statement content, stating examples of substantive analytical procedures which…

A:

Q: What are the classes of transcription errors?

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Discuss the possibility of substantial misstatement throughout the revenue and collection cycle,…

A: This question explains about  the revenue and collection cycle, with an emphasis on erroneous…

Q: How does Target record repairs and maintenance expense?

A: Revenue expenditures:   These costs are incurred to maintain the long-term asset in good condition…

Q: Describe the accounting for correction of errors.

A: The accounting for correction of errors will be explained:

Q: Discuss the correction of errors in more detail.

A: Errors in Accounting: Error is a mistake committed in book keeping.

Q: Explain Post-Audit Tasks

A: Post audit: A combination of procedures for assessing a capital budgeting decision afterward the…

Q: What is done in the post-audit?

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: Which of these is the set of working papers that affect the current year and future audits? Select…

A: Working papers are the evidence and documents that are being kept by the auditor for his/ her…

Q: What is the general presumption for auditing Ending Balances?

A: Auditing:                   It is a systematic verification of the books of accounts of an…

Q: Understand and apply the four-step process of correcting and reporting errors,regardless of the type…

A: Accounting Error:   It is an unintentional mistake in recording an accounting entry and is…

Q: Define and describe auditsampling for exception rates

A: Audit sampling: Audit sampling can be defined as the selection of items from a population to be used…

Q: Which of the following types of messages might the Active Auditor display? Question 9 options:…

A: Solution: Following type of messages might the active auditor displays: 1. Warnings that indicate…

Q: Explain the accounting treatment required when a change is made to the estimated service life of…

A: .

Q: Discuss the risk of material misstatement in the revenue and collection cycle, with a specific focus…

A:

Q: The correction of errors is the situation that creates prior period adjustments. Explain what are…

A: Prior period adjustments:   The corrections or adjustments that are made to the current year…

Q: Explain the errors in trial balance.

A: Trial balance:   A trial balance is the summary of all the ledger accounts. The trial balance is…

Q: Modified wording is added in the audit report when *

A: Introduction When the audit of particular concern or organization is completed then auditor may give…

Q: What audit procedures are most likely to be used to verify accountsreceivable written off as…

A: Audit procedure:   Audit procedures are the processes, techniques, and methods that auditors perform…

Q: What is an aging schedule? What can be learned from it? Does ithave any deficiencies when used to…

A: An aging schedule could be a summarized presentation of assets into separate time brackets that rank…

Q: How to ensure that overstatement as well as misstatements of account balances due to redundancy and…

A: Overstatement of account balances means reporting the account balances at an amount above the actual…

Q: ow they are reported. What are the disclosure requirements for correction of errors.  Please see…

A: Accounting Errors : A non-fraudulent inconsistency in financial documents is referred to as an…

Q: Identify the two methods of evaluating the performance materiality of uncorrected misstatements.…

A: An uncorrected statement refers to the financial statement containing misrepresented and false…

Q: Identify and explain the various stages of and parties to the collection of a check.

A: Cheque refers to a financial document which acts as an order to a bank to pay a particular amount of…

Q: The auditor is required to document each misstatement identified as "clearly trivial."

A: Trivial misstatement: Trivial misstatement means very small materiality value as 1% to 5% of…