ACC311 GDB Solution
Friday, June 24, 2011 Posted In Acc Edit This
Semester “Spring 2011”
“Fundamentals of Auditing (ACC-311)”
This is to inform that Graded Discussion Board (GDB)
has been opened according to the following schedule
GDB Schedule
Opening Date and Time
22nd June, 2011 At 12:01 A.M. (Mid-Night)
Closing Date and Time
24th June, 2011 At 11:59 P.M. (Mid-Night)
Note: No extra or bonus/grace period is available for attempting GDB.
Discussion Question
Can an auditor ignore the substantive procedures for a material account balance if related internal controls are assessed to be very strong?
Required:
Provide your answer in the following pattern:1. ------------- (Yes / No)2. ------------- (Reason). Your reason should be confined only between two to three linesInstructions:
Read the following instructions before giving your comments on GDB:
Obnoxious or ignoble answer should be strictly avoided.
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Solution:
Can an auditor ignore the substantive procedures for a material account balance if related
internal controls are assessed to be very strong?
Required:
Provide your answer in the following pattern:
1.
2.
----No--------- (Yes / No)------------- (Reason). Your reason should be confined only between two to three lines
To collect audit evidence that the management assertions (actual figures and disclosures) made in the
Financial Statements are reliable and in accordance with required standards and legislation.
Notes:
·
can be performed before year-end. For example, if the year-end is 31 December, the hard close may provide the auditors with figures as at 30 November. The auditors would audit income/expense movements between 1 January and 30 November, so that after year end, it is only necessary for them to audit the December income/expense movements and the 31st December balance sheet. In some countries and accountancy firms these are known as 'roll forward' procedures.Some audits involve a 'hard close' or 'fast close' whereby certain substantive procedures
“Fundamentals of Auditing (ACC-311)”
This is to inform that Graded Discussion Board (GDB)
has been opened according to the following schedule
GDB Schedule
Opening Date and Time
22nd June, 2011 At 12:01 A.M. (Mid-Night)
Closing Date and Time
24th June, 2011 At 11:59 P.M. (Mid-Night)
Note: No extra or bonus/grace period is available for attempting GDB.
Discussion Question
Can an auditor ignore the substantive procedures for a material account balance if related internal controls are assessed to be very strong?
Required:
Provide your answer in the following pattern:1. ------------- (Yes / No)2. ------------- (Reason). Your reason should be confined only between two to three linesInstructions:
Read the following instructions before giving your comments on GDB:
Obnoxious or ignoble answer should be strictly avoided.
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Solution:
Can an auditor ignore the substantive procedures for a material account balance if related
internal controls are assessed to be very strong?
Required:
Provide your answer in the following pattern:
1.
2.
----No--------- (Yes / No)------------- (Reason). Your reason should be confined only between two to three lines
To collect audit evidence that the management assertions (actual figures and disclosures) made in the
Financial Statements are reliable and in accordance with required standards and legislation.
Notes:
·
can be performed before year-end. For example, if the year-end is 31 December, the hard close may provide the auditors with figures as at 30 November. The auditors would audit income/expense movements between 1 January and 30 November, so that after year end, it is only necessary for them to audit the December income/expense movements and the 31st December balance sheet. In some countries and accountancy firms these are known as 'roll forward' procedures.Some audits involve a 'hard close' or 'fast close' whereby certain substantive procedures
