BU477 Lecture Notes - Lecture 8: General Ledger, Financial Statement

42 views3 pages
30 Jan 2017
School
Department
Course

Document Summary

Analytical procedures important for auditor to determine potential risks and problem areas in the business. Analytics can provide a source of inexpensive evidence and detailed testing. First time they have conducted a full audit, they usually only perform an audit for purpose of bank loans. Company is planning to do an ipo and has hired auditor to prepare f/s for ipo. Medium sized company that buys copper rod and plastic materials to make copper wiring. Has a good reputation for quality products and good working relationship with outside accountants. Production area divided into three areas: residential products, special-order products. Raw materials inventory stored in a single location and divided into copper and plastics. Finished goods are stored in large stackable spools. Copper rod inventory stored on pallets which are not stackable. Consider places where there are unusual transactions and events.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers