2011 Auditing 4 Update - 2011 Auditing 4 Update Auditing 4...

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2011 Auditing 4 Update Auditing 4 Update for the 2011 Edition Last Updated March 18, 2011 SECTION A: TEXT AND LECTURE ERRATA Item A.1 Pg. A4-19, Item 3.d. Understandability and Classification The description of this item given in the text applies to valuation, allocation, and accuracy. The text should read as follows: d. U nderstandability and Classification Financial information is appropriately presented and described and disclosures are clearly expressed. SECTION B: PASSMASTER, SIMULATIONS, & QUIZZES ERRATA None SECTION C: TEXT AND LECTURE ADDITIONAL OR ENHANCED INFORMATION Item C.1 (added March 18, 2011) Pg. A4-27, Item G.1.b. Valuation, Allocation, and Accuracy The following clarifying (highlighted) wording should be added to the text: b. Valuation, Allocation, and Accuracy The auditor should examine the results of confirmations, a test of accuracy, and test the adequacy of the allowance for uncollectible accounts, a test of valuation (also see the discussion of Accounting Estimates presented later in this lecture).
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