Assume you are working on a 12/31 year-end audit. It is now March 31st and the 12/31 accounts receivable aging shows a large receivable that was outstanding on 12/31 for 120 days. Further, the client’s receivables are typically collected in less than 45. You anticipate that the client’s allowance for doubtful account should be increased and inform the client about your disposition. The client disagrees. Is there an alternative substantive procedure that you could perform that would provide convincing evidence that this balance is collectible? If so, explain.
Do not include the question or a cover page with you response.
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ACCT 401 Auditing Principles and Procedures
Accounting Assignment Help Q1. Why bank reconciliation is important to the audit? Your answer should explain in detail what types of bank reconciliation uses the auditor should consider when auditing cash, and you should also list some of the items found on the reconciliation.
Q2. Define the term “contingent liability” and discuss the criteria used to classify these events or conditions. Provide some examples of contingent liabilities.
Q3. The following four situations require a modification to the standard unqualified/unmodified audit report. Identify the modification required for each.
a. Opinion based in part on the report of another auditor.
b. Going concern.
c. Lack of consistency.
d. Additional emphasis.
Note : APA style reference
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