Chapter 1, Problem 3IFRSP

The treasury department maintains the custody over the company's investments. Both the accounting and treasury maintain its own records over investments. During the company's month end procedures, the person that should reconcile the investment records and the actual securities on hand should be: a. The investment committeeb. An independent person in the treasury departmentc. An independent person in the accounting department d.The accounting staff recording investment transactions

All companies are required to disclose in their annual reports the amounts paid to their auditors for both the financial report audit and any other services performed for the company.   Required Obtain a copy of a recent annual report (most companies make their annual reports available on the company's website) and find the disclosures explaining the amounts paid to auditors. How much was the auditor paid for the audit, non-assurance, or other services?

Which of the following are audit procedures? a) Inspecting non-current/fixed assets b) An item of inventory/stock that is present at the inventory/stock count c) A bank statement d) Counting cash balance of the firm e) A paper showing reconciliation of debtors control account with debtor sub-ledger f) A sales invoice g) Inquiry on fraud or theft happened during the year Only b) , c) , e) and f) Only a) , d) and g) Only a) , b) and d) Only a) , b) ,d) and g)

Lawrence Company maintains its accounts on the basis of a fiscal year ending October 31. Assume that you were retained by the company in August to perform an audit for the fiscal year ending October 31,20X0. You decide to perform certain auditing procedures in advance of the balance sheet date. Among these interim procedures is the confirmation of accounts receivable, which you perform at September 30. The accounts receivable at September 30 consisted of approximately 200 accounts with balances totaling S956,750. Seventy-five of these accounts with balances totaling $650,725 were selected for confirmation. All but 20 of the confirmation requests have been returned; 30 were signed without comments, 14 had minor differences that have been cleared satisfactorily, and 11 confirmations had the following comments: 1. We are sorry, but we cannot answer your request for confirmation of our account because Moss Company uses a computerized accounts payable voucher system. 2. The balance of…

The treasury department maintains the custody over the company's investments. Both the accounting and treasury maintain its own records over investments. During the company's month end procedures, the person that should reconcile the investment records and the actual securities on hand should be: Group of answer choices The investment committee An independent person in the treasury department An independent person in the accounting department The accounting staff recording investment transactions

For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation's abilities. The following information relates to the obligations of EMPLEO Corporation as of December 31, 2021:   Accounts payable for goods and services purchased on open account amounted to P350,000 on December 31, 2021. This amount was gross of a supplier's debit balance of P30,000, On the other hand, the testing of the accounts receivable account revealed that a customer's credit balance of P50,000 was netted against the balance of the accounts receivable   At December 31, 2021, EMPLEO declared a cash dividend at PO.50 per share on its P10 par value ordinary share capital, payable at January 12, 2022, to shareholders as of December 31, 2022. At December 31, 2021, EMPLEO had 1,000,0000 issued ordinary shares and 800,000 oustanding ordinary shares.   The company financed its receivables, dated November 1, 2021, by discounting its 180-day P400,000 accounts receivable to a bank on a with…

For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation’s liabilities. The following information relates to the obligations of EMPLEO Corporation as of December 31, 2021: Accounts payable for goods and services purchased on open account amounted to P350,000 on December 31, 2021. This amount was gross of a supplier’s debit balance of P30,000. On the other hand, the testing of the accounts receivable account revealed that a customer’s credit balance of P50,000 was netted against the balance of the accounts receivable.   At December 31, 2021, EMPLEO declared a cash dividend at P0.50 per share on its P10 par value ordinary share capital, payable at January 12, 2022, to shareholders as of December 31, 2022. At December 31, 2021, EMPLEO had 1,000,0000 issued ordinary shares and 800,000 oustanding ordinary shares. The company financed its receivables, dated November 1, 2021, by discounting its 180-day P400,000 accounts receivable to a bank on a with…

For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation’s liabilities. The following information relates to the obligations of EMPLEO Corporation as of December 31, 2021: Accounts payable for goods and services purchased on open account amounted to P350,000 on December 31, 2021. This amount was gross of a supplier’s debit balance of P30,000. On the other hand, the testing of the accounts receivable account revealed that a customer’s credit balance of P50,000 was netted against the balance of the accounts receivable.   At December 31, 2021, EMPLEO declared a cash dividend at P0.50 per share on its P10 par value ordinary share capital, payable at January 12, 2022, to shareholders as of December 31, 2022. At December 31, 2021, EMPLEO had 1,000,0000 issued ordinary shares and 800,000 oustanding ordinary shares. The company financed its receivables, dated November 1, 2021, by discounting its 180-day P400,000 accounts receivable to a bank on a with…

For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation’s liabilities. The following information relates to the obligations of EMPLEO Corporation as of December 31, 2021: Accounts payable for goods and services purchased on open account amounted to P350,000 on December 31, 2021. This amount was gross of a supplier’s debit balance of P30,000. On the other hand, the testing of the accounts receivable account revealed that a customer’s credit balance of P50,000 was netted against the balance of the accounts receivable.   At December 31, 2021, EMPLEO declared a cash dividend at P0.50 per share on its P10 par value ordinary share capital, payable at January 12, 2022, to shareholders as of December 31, 2022. At December 31, 2021, EMPLEO had 1,000,0000 issued ordinary shares and 800,000 oustanding ordinary shares. The company financed its receivables, dated November 1, 2021, by discounting its 180-day P400,000 accounts receivable to a bank on a with…