Prepaid Expenses Inherent Risk

Capital Assets & Depreciation Government - AuditNet ...
High inherent risk would normally be indicated by three or more factors. Comments: Inherent risk is considered low for the existence and valuation assertions. The County implemented GASB Statement No. 34 for the fiscal year ended June 30, 20xx. ... View This Document

Prepaid expenses List typical accrued liabilities Explain how property taxes are audited Discuss the role of analytical review in the audit of income and expense accounts Methodology for designing tests of details for the audit of manufacturing asset acquisitions Set materiality and assess audit risk and inherent risk ... Read Content

Chapter 8
Prepaid expenses represent advance payments for services and supplies that would otherwise require the current outlay of funds during the succeeding one-year or a longer operating cycle. 8. As such, it reflects on the financial risk inherent in the capital structure. ... View Document

Auditing Study Guide - The McGraw-Hill Companies
Inherent risk also varies by the type of transactions involved: a. Routine. or determining prepaid expenses. c. Estimation transaction. A transaction involving management’s judgments or assumptions, such as determining the allowance for doubtful accounts, establishing warranty reserves, ... View Full Source

Information Systems - Brock University, St. Catharines ...
Inherent risk Control risk Detection risk Inherent Risk Some accounts may be $ 2,018,787 $ 2,254,106 Current assets 35,911 57,468 Prepaid expenses 10,468 9,633 Deferred income tax benefits 904,202 353,795 1,124,149 ... Doc Retrieval

Prepaid Expenses Accounts Payable ©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 19 - 5 and assess inherent risk for accounts payable Assess control risk for the acquisition and payment cycle Phase I Phase I ... Read Document

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(DR): likelihood that error could occur & not be detected Based on Control risk (CR) Likelihood of material error Inherent risk (IR) Strategies & threats DETECTION RISK DR = ____AR ASSERTIONS & PROCEDURES: Prepaid Expenses Examples: Prepaid insurance, rent, advertising ... Access Document

MFDA POLICY NO. 4 INTERNAL CONTROL POLICY STATEMENTS
Inherent risk is high On the other hand, where the inherent risk is very low (e.g. prepaid expenses), the cost of preventive controls would usually not be warranted nor expected by industry regulators. Further, in a circumstance where a ... Fetch Content

Atkore International Holdings Inc. Announces Fourth Quarter Fiscal Year 2012 Financial Results
HARVEY, Ill., Dec. 14, 2012 /PRNewswire/ -- Atkore International Holdings Inc. ("Atkore International" or the "Company"), a global manufacturer of fabricated steel tubes and pipes, ... Read News

Chapter
Expenditure Cycle Risk, Control Procedures, and Testing Inherent Risks Cost and Expense Capers Accounts Payable Auditing Accrued Liabilities and Prepaid Expenses Account Analysis for Prepaid Expenses ... View Document

Chapter 1
Chapter Fourteen Auditing Financing Process: Prepaid Expenses and Property, Plant and Equipment Auditing Prepaid Expenses Inherent Risk Assessment – Prepaid Expenses Control Risk Assessment – Prepaid Expenses Substantive Procedures – Prepaid Insurance Substantive Procedures – Prepaid ... Read Full Source

Going Concern - Wikipedia, The Free Encyclopedia
The going concern principle allows the company to defer some of its prepaid expenses until future accounting periods. or not issue a going-concern opinion and risk not informing interested parties of the possible failure of the company. ... Read Article

Chapter 1
LO# 1 Insurance Policy Inherent Risk Assessment – Prepaid Expenses The inherent risk associated with prepaid expenses is generally assessed as low because the accounts do not involve any complex or contentious accounting issues. ... Fetch Content

Chapter
Inherent Risks Unrecorded liabilities Noncancelable purchase agreements Capitalizing expenses Acquisition Other Accounts in Cycle Accrued Expenses Prepaid Expenses Expenses Inventory Property Plant and Equipment Accrued Payables Major differences between ACCRUED PAYABLES and ACCOUNTS ... View This Document

American Pacific Reports Strong Financial Performance For Fiscal 2012
LAS VEGAS, Dec. 13, 2012 /PRNewswire/ -- American Pacific Corporation (NASDAQ: APFC) today reported financial results for its fiscal year and fourth quarter ended September 30, 2012.We provide non-GAAP ... Read News

Failures Of Legitimate Businesses - Portland State University ...
The three components of audit risk; inherent risk, control risk and detection risk are defined as follows: Inherent risk is the susceptibility of an assertion to a material misstatement, such as the risk of misallocating prepaid expenses. ... View Document

Financial Statements December 31, 2010 And 2009
Because of the inherent uncertainty of valuations, Other assets - Other assets include prepaid expenses and a security deposit. credit risk consist primarily of cash and cash equivalents, receivables, and investments. The ... View This Document

Summary Of The Audit Process - Www.MONICPA.mn
AP 3j Inherent and Combined Risk Assessment Form Section 4.4 3. Determine materiality limits. AP 3f Materiality Worksheet for AP 20 Prepaid Expenses and Other Assets AP 25 Investments AP 30 Inventories AP 32 Physical Inventory Counts AP 35 Fixed Assets ... Read Document

Case Stanton Enterprises - Florida Agricultural And ...
Following rows of the evidence planning worksheet: Acceptable audit risk, Inherent risk, and Analytical procedures. Prepaid expenses 29,500 24,700 Total Current Assets 8,218,100 6,057,002 Property, plant, and equipment At cost 12,945,255 ... Read Here

About Experts Sitemap - Group 2 - Page 50 2012-08-30
City of sandusky, preferred bank, prepaid cards: Hi! Lots of good questions here, I ll do inherent risk party brokers, inherent risk, third party: Scalping, the practice of reselling since there will be more people sharing the expenses. Amusement Parks: Lighthouse Point, cedar ... Read Article

Audit of Prepaid Expenses Prepaid Insurance and Related Accounts Internal Controls Audit Tests Identify client business risks affecting other accounts Set tolerable misstatement and assess inherent risk for accounts Assess control risk for accounts Phase I Phase I Phase I Design and ... Doc Retrieval

BC2- Introduction
• Dr. 131 Prepaid Expenses $2,191 • Cr. 596 Utility Expenses $2,191 To record adjustment to Prepaid expenses regarding utility calculation error. W/P ___ 47 BC2 Inventory •Overall Audit Assess inherent Risk, Assess Control Risk, and Perform Tests ... Fetch This Document

And assess inherent risk for accounts Assess control risk for accounts Phase I Phase I Phase I ©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 20 - 7 Methodology for Designing Tests of Details of Balances of prepaid expenses. ... Get Doc