Advance Auditing

Running head: COMPREHENSIVE PROBLEM

Beyth-Shan Yodhhewawhe

Unit 6: Comprehensive Problem

AC503: Advance Audit

Kaplan University

September 14, 2014

COMPREHENSIVE PROBLEM

19-25: (Subsequent events) In connection with the audit of Flowmeter, Inc., for the year ended December 31, 20X0, Hirsch, CPA, is aware that certain vents and transactions that took place after December 31, 20X0, but before Hirsch issues his report dated February 8, 20X1 may affect the company’s financial statements.

The following material events or transactions have come to his attention.

Item No. | Audit Procedures | Required Disclosure or Entry and Reasons |

1. | Merchandises in-transit would be noticed in the progress of the examiner's appraisal of the year-end deadline of acquisitions. The assessor would scrutinize getting information in addition procurement statements to create assured that the obligation to contractors had remained chronicled for completely merchandises encompassed in account, in addition that all merchandises for which the customer was accountable at time conclusion were chronicled in register. | The reception of the merchandises delivers supplementary indication through admiration to circumstances that happened at the time of the equilibrium piece in addition hereafter the monetary declarations ought to be accustomed to yield into explanation such supplementary data. |

2. | Payments of proceedings would be exposed through demanding from the business's permitted advice a account in addition assessment of to some extent proceedings, imminent process, privileges, and depending obligations of which he or she has information that occurred at the time of the equilibrium sheet being described upon, organized with a explanation in addition assessment of in the least supplementary substances of a comparable countryside which originated to his or her consideration active to the time the evidence is equipped. An appraisal of cash expenditures for the...