ACC+4313+Ch1+Slides - Auditing and Assurance Services...

Info icon This preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
Auditing and Assurance Services Chapter 1 Professor Cannon
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Quiz! Chapter 1
Image of page 2
10K Scavenger Hunt Don’t be intimidated by the 10K! What looks familiar to you? Useful? Interesting? Surprising? What does an audit have to do with this filing? What is the role of the auditor, related to this filing? If you wanted to commit fraud, what would you manipulate?
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Financial Statements What are the main components of the financial statements? How are the F/S’s created? (i.e., what elements flow into the F/S?) o Individual transactions o Trial Balance (G/L) o Subledgers Income Statement Balance Sheet Footnotes Cash Flow Retained Earnings
Image of page 4
Cannon Balls, Inc. Bouncy Ball Manufacturer Balance Sheet Inventory $100 (of bouncy balls) LT Debt $(50) As a potential investor or auditor, what might you be concerned with? (i.e., what could be wrong with these numbers?)
Image of page 5

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Cannon Balls, Inc. Bouncy Ball Manufacturer Potential Concerns Do the bouncy balls actually exist? Are there really 100? (Existence) Does the company actually own the balls? (Rights & Obligations) Are they really worth $1 each? Are they genuine?
Image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern