AC 410 Unit 8 Homework Assignment
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Questions Requiring Analysis: 16–31
The auditor's opinion on the fairness of financial statements may be affected by subsequent events. Required: - Define what is commonly referred to in auditing as a subsequent event, and describe the two general types of subsequent events. - Identify those auditing procedures that the auditor should apply at or near the completion of fieldwork to disclose significant subsequent events. Questions Requiring Analysis: 16–35 Required: - Using the iron curtain approach, describe how Tanner would consider whether an adjustment is required.
- Using the rollover approach, describe how Tanner would consider whether an adjustment is required. - Describe what SEC Staff Accounting Bulletin No. 108 requires in this situation. Questions Requiring Analysis: 17–24
While performing your audit of Williams Paper Company, you discover evidence that indicates that Williams may not have the ability to continue as a going concern. - Discuss types of information that may indicate substantial doubt about a client's ability to remain a going concern. - Explain the auditors' obligation in such situations. Objective Questions: 17–26