Jones, CPA, is planning the audit of Rhonda’s Company. Rhonda verbally asserts to Jones that all expenses for the year have been recorded in the accounts. Rhonda’s representation in this regarda. Is sufficient evidence for Jones to conclude that the completeness assertion is supported for expenses.b. Can enable Jones to minimize the work on the gathering of evidence to support Rhonda’s completeness assertion.c. Should be disregarded because it is not in writing.d. Is not considered a sufficient basis for Jones to conclude that all expenses have been recorded.
Jones, CPA, is planning the audit of Rhonda’s Company. Rhonda verbally asserts to Jones that all expenses for the year have been recorded in the accounts. Rhonda’s representation in this regarda. Is sufficient evidence for Jones to conclude that the completeness assertion is supported for expenses.b. Can enable Jones to minimize the work on the gathering of evidence to support Rhonda’s completeness assertion.c. Should be disregarded because it is not in writing.d. Is not considered a sufficient basis for Jones to conclude that all expenses have been recorded.
Chapter1: Comprehensive Cases
Section1.1: Enron Corporation
Problem 3Q
Related questions
Question
Jones, CPA, is planning the audit of Rhonda’s Company. Rhonda verbally asserts to Jones that all expenses for the year have been recorded in the accounts. Rhonda’s representation in this regard
a. Is sufficient evidence for Jones to conclude that the completeness assertion is supported for expenses.
b. Can enable Jones to minimize the work on the gathering of evidence to support Rhonda’s completeness assertion.
c. Should be disregarded because it is not in writing.
d. Is not considered a sufficient basis for Jones to conclude that all expenses have been recorded.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q…
Accounting
ISBN:
9781305080577
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q…
Accounting
ISBN:
9781305080577
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
South-Western College Pub