Evidence related problems are those problems that the companies may face without being able to provide ample proof and supporting evidence. Requirement 1 To describe: List out the problems related to audit evidence that the auditor has encountered at the time of the audit of the company.

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Answer 1

Question

Chapter 6, Problem 70FF

To determine

Introduction:

Evidence related problems are those problems that the companies may face without being able to provide ample proof and supporting evidence.

Requirement 1

To describe:

List out the problems related to audit evidence that the auditor has encountered at the time of the audit of the company.

To determine

Introduction:

Audit evidence received from a third part through either manually or electronic or any other medium is called external confirmation.

Requirement 2

To describe:

State the conditions where the proposed generality will be considered not accurate. And also explain the assumptions that the auditor should consider prior to concluding the confirmations as reliable audit evidence.

To determine

Introduction:

Audit evidence received from a third part through either manually or electronically or any other medium is called external confirmation.

Requirement 3

To describe:

The role of professional skepticism while evaluating evidence obtained from confirmations.

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Jithesh & Co was the auditors of Selve Sdn Bhd's financial statements for the year ended December 31, 2018. On November 1, 2017, Selve notified Jithesh & Co that they are changing auditors and that Jithesh & Co services were being terminated.On November 5, 2017, Selve invited Haqim, a senior partner of Haqim, Hamdi & Co., chartered accountants, to make a proposal for an engagement to audit its financial statements for the year ended December 31, 2019.a. Explain thoroughly the procedures Haqim, Hamdi & Co should perform before accepting the engagement.b. What are the additional procedures should Haqim, Hamdi & Co after accepting the engagement of a new client.c. State the benefits derived from preparing an Engagement Letter before the audit engagement.

Jithesh & Co was the auditors of Selve Sdn Bhd's financial statements for the year ended December 31, 2018. On November 1, 2017, Selve notified Jithesh & Co that they are changing auditors and that Jithesh & Co services were being terminated.On November 5, 2017, Selve invited Haqim, a senior partner of Haqim, Hamdi & Co., chartered accountants, to make a proposal for an engagement to audit its financial statements for the year ended December 31, 2019.a. What are the additional procedures should Haqim, Hamdi & Co after accepting the engagement of a new client.b. State the benefits derived from preparing an Engagement Letter before the audit engagement. c.List 4 elements of Engagement Letter.

You were engaged as an independent auditor of Thomas Corporation . In the course of your examination of the accounts on December 31, 2004, the end of the accounting period, you determined that certain prepaid and accrued items were not recorded in prior years and in the current year as follows: 2002 2003 2004 Accrued expenses 4,500 7,500 6,500 Prepaid expenses 5,000 12,000 8,000 Prepaid revenues 1,200 2,750 Revenues receivable 3,000 2,500 Retained earnings at the end of 2002 amounted to P445,000 while net income for 2003 was reported at P126,000. The income summary account for 2004 shows a credit balance of P150,000 before any audit adjustments. You have verified that no dividends were declared in the two year period. 16. Compute for the corrected Retained earnings balance as of December 31, 2002. a. P 444,300 b. P 450,000 c. P 578,500 d. P 445,000 17. The corrected net income for the years ended December 31, 2003 and 2004 are: 2003 2004 a. P126,000 P150,000 b. P134,200 P143,750 c.…

Answer 2

Question

Chapter 6, Problem 70FF

To determine

Introduction:

Evidence related problems are those problems that the companies may face without being able to provide ample proof and supporting evidence.

Requirement 1

To describe:

List out the problems related to audit evidence that the auditor has encountered at the time of the audit of the company.

To determine

Introduction:

Audit evidence received from a third part through either manually or electronic or any other medium is called external confirmation.

Requirement 2

To describe:

State the conditions where the proposed generality will be considered not accurate. And also explain the assumptions that the auditor should consider prior to concluding the confirmations as reliable audit evidence.

To determine

Introduction:

Audit evidence received from a third part through either manually or electronically or any other medium is called external confirmation.

Requirement 3

To describe:

The role of professional skepticism while evaluating evidence obtained from confirmations.

Expert Solution & Answer

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Answer 3

Question

Chapter 6, Problem 70FF

To determine

Introduction:

Evidence related problems are those problems that the companies may face without being able to provide ample proof and supporting evidence.

Requirement 1

To describe:

List out the problems related to audit evidence that the auditor has encountered at the time of the audit of the company.

To determine

Introduction:

Audit evidence received from a third part through either manually or electronic or any other medium is called external confirmation.

Requirement 2

To describe:

State the conditions where the proposed generality will be considered not accurate. And also explain the assumptions that the auditor should consider prior to concluding the confirmations as reliable audit evidence.

To determine

Introduction:

Audit evidence received from a third part through either manually or electronically or any other medium is called external confirmation.

Requirement 3

To describe:

The role of professional skepticism while evaluating evidence obtained from confirmations.

Expert Solution & Answer

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Answer 4

Question

Chapter 6, Problem 70FF

To determine

Introduction:

Evidence related problems are those problems that the companies may face without being able to provide ample proof and supporting evidence.

Requirement 1

To describe:

List out the problems related to audit evidence that the auditor has encountered at the time of the audit of the company.

To determine

Introduction:

Audit evidence received from a third part through either manually or electronic or any other medium is called external confirmation.

Requirement 2

To describe:

State the conditions where the proposed generality will be considered not accurate. And also explain the assumptions that the auditor should consider prior to concluding the confirmations as reliable audit evidence.

To determine

Introduction:

Audit evidence received from a third part through either manually or electronically or any other medium is called external confirmation.

Requirement 3

To describe:

The role of professional skepticism while evaluating evidence obtained from confirmations.

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 70FF

To determine

Introduction:

Evidence related problems are those problems that the companies may face without being able to provide ample proof and supporting evidence.

Requirement 1

To describe:

List out the problems related to audit evidence that the auditor has encountered at the time of the audit of the company.

To determine

Introduction:

Audit evidence received from a third part through either manually or electronic or any other medium is called external confirmation.

Requirement 2

To describe:

State the conditions where the proposed generality will be considered not accurate. And also explain the assumptions that the auditor should consider prior to concluding the confirmations as reliable audit evidence.

To determine

Introduction:

Audit evidence received from a third part through either manually or electronically or any other medium is called external confirmation.

Requirement 3

To describe:

The role of professional skepticism while evaluating evidence obtained from confirmations.

Answer 6

Chapter 6, Problem 70FF

To determine

Introduction:

Evidence related problems are those problems that the companies may face without being able to provide ample proof and supporting evidence.

Requirement 1

To describe:

List out the problems related to audit evidence that the auditor has encountered at the time of the audit of the company.

Answer 7

Chapter 6, Problem 70FF

To determine

Introduction:

Evidence related problems are those problems that the companies may face without being able to provide ample proof and supporting evidence.

Requirement 1

To describe:

List out the problems related to audit evidence that the auditor has encountered at the time of the audit of the company.

Answer 8

To determine

Introduction:

Audit evidence received from a third part through either manually or electronic or any other medium is called external confirmation.

Requirement 2

To describe:

State the conditions where the proposed generality will be considered not accurate. And also explain the assumptions that the auditor should consider prior to concluding the confirmations as reliable audit evidence.

Answer 9

To determine

Introduction:

Audit evidence received from a third part through either manually or electronic or any other medium is called external confirmation.

Requirement 2

To describe:

State the conditions where the proposed generality will be considered not accurate. And also explain the assumptions that the auditor should consider prior to concluding the confirmations as reliable audit evidence.

Answer 10

To determine

Introduction:

Audit evidence received from a third part through either manually or electronically or any other medium is called external confirmation.

Requirement 3

To describe:

The role of professional skepticism while evaluating evidence obtained from confirmations.

Answer 11

To determine

Introduction:

Audit evidence received from a third part through either manually or electronically or any other medium is called external confirmation.

Requirement 3

To describe:

The role of professional skepticism while evaluating evidence obtained from confirmations.

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 6 - Prob. 1TFQ Ch. 6 - Prob. 2TFQ Ch. 6 - Prob. 3TFQ Ch. 6 - Prob. 4TFQ Ch. 6 - Prob. 5TFQ Ch. 6 - Prob. 6TFQ Ch. 6 - Prob. 7TFQ Ch. 6 - Prob. 8TFQ Ch. 6 - Prob. 9TFQ Ch. 6 - Prob. 10TFQ

Evidence related problems are those problems that the companies may face without being able to provide ample proof and supporting evidence. Requirement 1 To describe: List out the problems related to audit evidence that the auditor has encountered at the time of the audit of the company.

Solution Summary: The author explains that evidence related problems are those problems that companies face without being able to provide ample proof.

Videos

Introduction:

Audit evidence received from a third part through either manually or electronically or any other medium is called external confirmation.

Requirement 3

To describe:

The role of professional skepticism while evaluating evidence obtained from confirmations.

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Chapter 6 Solutions

Evidence related problems are those problems that the companies may face without being able to provide ample proof and supporting evidence. Requirement 1 To describe: List out the problems related to audit evidence that the auditor has encountered at the time of the audit of the company.

Solution Summary: The author explains that evidence related problems are those problems that companies face without being able to provide ample proof.

Videos

Introduction: Audit evidence received from a third part through either manually or electronically or any other medium is called external confirmation. Requirement 3 To describe: The role of professional skepticism while evaluating evidence obtained from confirmations.

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Chapter 6 Solutions

Introduction:

Audit evidence received from a third part through either manually or electronically or any other medium is called external confirmation.

Requirement 3

To describe:

The role of professional skepticism while evaluating evidence obtained from confirmations.