Which of the following is not included in the category of cash?
(a)Deposit with banks
(b)Checks
(c)Postdated checks
(d)Money orders
(a)Deposit with banks
(b)Checks
(c)Postdated checks
(d)Money orders
Which of the following letter should be included in the letter of representation?
(a)Existence of immaterial mistake in the statements
(b)Existence of any fraud or any error in the statement
(c)Company's growth trend in the future in figures
(d)Market value of the company's stock
Lesson No.34
The contents of the letter of representation should not include routine matters, for example, that all fixedassets exist and are the property of the company or that stock is valued at the lower of cost and net realizablevalue.The letter should include only matters which:a. are material to the financial statements, andb. the auditors cannot obtain independent corroborative evidence.
For measuring the quality of audit evidence auditors used the tool of appropriateness; in case if auditor wants to measure quantity of audit evidence which tools from the following should be adopted?
(a)Relevance
(b)Reliability
(c)Sufficiency
(d)Effectiveness
(a)Relevance
(b)Reliability
(c)Sufficiency
(d)Effectiveness
Lesson No. 22
Sufficient appropriate Audit Evidence
Sufficiency: The measure of quantity of audit evidence.
Appropriateness: The measure of quality i.e. relevance and reliability in providing support of
detecting misstatements in account balance classes of transactions and disclosures and relevant assertions.
On Sat, Jan 14, 2012 at 12:21 PM, fbvdh 1 <zeeshanmustafa1@live.com> wrote:
acc311 answer required with logics
which of the following is not included in the category of cash?
(a)Deposit with banks
(b)Checks
(c)Postdated checks
(d)Money orders
--For measuring the quality of audit evidence auditors used the tool of appropriateness; in case if auditor wants to measure quantity of audit evidence which tools from the following should be adopted?
(a)Relevance
(b)Reliability
(c)Sufficiency
(d)Effectiveness
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Regards,
Misbah Yousuf
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