You are auditing the balance in the prepaid insurance account for your audit client. a) Name and briefly define two audit assertions that might apply for the prepaid insurance. b) For EACH of these assertions, give ONE audit procedure that would be used. Explain how that procedure would be applied. What? When? Who? etc.

You are auditing the balance in the prepaid insurance account for your audit client. a) Name and briefly define two audit assertions that might apply for the prepaid insurance. b) For EACH of these assertions, give ONE audit procedure that would be used. Explain how that procedure would be applied. What? When? Who? etc.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 35RQSC

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Do you believe the accuracy of the prepaid accounting balance can be determined by examining, the procedure related to the insurance purchasing process checking authorization, and recording?
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