Aanna Lukasik

aAnna Lukasik Acc 422-8909 Q 8-31 1. Not required during this stage 2. Substantive testing 2. Should commission on enhancing the auditors understanding of the auditors understanding of the clients business and the transactions and events that have occurred since the last audit date. 1 supply 3. Should focus on identifying areas that may represent specific risks relevant to the audit. 1. be after 4. Do not result in staining of misstatements. 4 story is not correct concerning anatical procedures 5.Designed to mother evidential matter about cross assertions related to account balances or classed of transactions. 2 Substantive testing 6. slackly use data aggregated at a lower take aim than the other stages. 2 Substantive testing 7. Should include reading the financial statements and notes to consider the adequacy of evidence gathered 3. Overall review 8. bear on reconciliation of confirmation replies with recorded book amounts 4 Statement is not correct concerning ana lytical procedures 9. Use of preliminary or unadjusted workings trial balance as a source of data 1 Planning the audit 10.Expected to result in reduced level of detection risk 2 Substantive testing Q-30 a) The minutes of each get together refer to the minutes of preceding(prenominal) meeting. In addition the auditor should obtain the next years minutes, probably for February 2010, to look at sure the previous minutes referred to were those from September 16, 2009. b) Information relevant to 2009 Audit Audit transaction Required February 15 1. Approval for increased distribution During analytical procedures, an be of $500 000. ncrease of $500000 should be expected for distribution costs 2. Unresolved valuate dispute. Evaluate resolution of dispute and adequacy of disclosure in FS 3. calculating machine equipment donated. Determine that old equipment was correctly treated in 2008 in the statements and that bewitch deduction was taken 4. Annual cash dividend. Calculate tota l dividends to coif that dividend was correctly recorded. 5. Officers bonuses. Determine were paid in 2009. Consider the tax implications of unpaid bonuses to officers.September 16 1. 2009 Officers elected. Inform staff of possibility of related party transaction. 2. Officers wage information. Note information in audit files for 2010 audit. 3. Pension and profit overlap plan. Determine if the pension/profit sharing plan was approved. If so make sure all assets and liabilities have been correctly recorded. 4. Loan. Examine supporting credential of loan and confirm loan information with bank. 5. Aquistation of new computers syst Determine of brass of the 1 year old equipment and check the recording of the operations. 6. Auditor alternative