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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 03 Aug 2017 My Price 9.00

PCAOB Assertions

Problem # 1

Management Assertions.

Your audit manager has asked you to explain the PCAOB Assertions by using an account on the balance sheet at your audit client.

For the accounts receivable account, please define each of the PCAOB assertions, using the accounts receivable account as a way to illustrate each assertion. You are encouraged to reference Exhibit 1.5 to help you answer this question.

Problem # 2

Operational Auditing.

Maxfield & Family Corporation manufactures paper and paper products and is trying to decide whether to purchase Murphy & Family Company. Murphy & Family has developed a process for manufacturing boxes that can replace containers that use fluorocarbons for expelling a liquid product. The price may be as high as $ 90 million. Maxfield & Family prefers to buy Murphy & Family and integrate its products while leaving the Murphy & Family management in charge of day- to- day operations. A major consideration is the efficiency and effectiveness of Murphy & Family’s operations. Maxfield & Family wants to obtain a report on the operational efficiency and effectiveness of the Murphy & Family sales, production, and research and development departments.

Required:

Who can Maxfield & Family engage to produce the report resulting from this operational audit? Several possibilities exist. Are there any particular advantages or disadvantages in choosing from among them?

 

Problem # 3

Financial Assertions and Audit Objectives.

You are engaged to examine the financial statements of Evans Company for the year ended December 31. Assume that on November 1, Evans borrowed $ 600,000 from Second National Bank to finance plant expansion. The long- term note agreement provided for the annual payment of principal and interest over five years. The existing plant was pledged as security for the loan. Due to the unexpected difficulties in acquiring the building site, the plant expansion did not begin on time. To use the borrowed funds, management decided to invest in stocks and bonds and on November 16, invested the $ 600,000 in publicly traded securities.

Required:

Develop specific assertions (audit objectives) related to securities (assets) based on management’s five ( PCAOB) general assertions.

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Aug 2017 09:08 PM My Price 9.00

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