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21-18 (Objectives 21-1, 21-3) The following questions concern
testing the client’s internal controls for inventory and warehousing.
Choose the best response
21-19 (Objectives 21-1, 21-4, 21-5, 21-6) The following questions
deal with tests of details of balances and analytical procedures for
inventory. Choose the best response
21-20 (Objectives 21-1, 21-3, 21-5, 21-6, 21-7) Items 1 through 8 are
selected questions typically found in questionnaires used by auditors
to obtain an understanding of internal control in the inventory and
warehousing cycle. In using the questionnaire for a client, a “yes”
response to a question indicates a possible internal control, whereas a
“no” indicates a potential deficiency.
24-22 (Objective 24-2) The following questions deal with contingent
liabilities. Choose the best response.
24-23 (Objectives 24-5, 24-7) The following questions concern
communications between management, those charged with
governance, and the auditor. Choose the best response.
24-27 (Objective 24-2) In an audit of the Marco Corporation as of
December 31, 2011, the following situations exist. No entries have
been made in the accounting records in relation to these items.
24-28 (Objective 24-3) In analyzing legal expense for the Boastman
Bottle Company, Mary Little, CPA, observes that the company has
paid legal fees to three different law firms during the current year. In
accordance with her CPA firm’s normal operating practice, Little
requests standard attorney letters as of the balance sheet date from
each of the three law firms.
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ACCT 555 Week 7 Quiz
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