Discuss the difference between substantive test of transactions and substantive test of balances, and identify at least two (2) situations when an auditor should test account balances.
What are the international and regional institutions that comprise the global monetary and financial system?
August 5, 2017What questions can you now articulate about Strategy in business based on what you have learned in this course?
August 5, 2017Discuss the difference between substantive test of transactions and substantive test of balances, and identify at least two (2) situations when an auditor should test account balances.
Property Transfers and Exchanges” Please respond to the following:
- After reviewing the scenario, explore the key exceptions that would prevent taxpayers from deferring the tax liability on inherited property and like-kind exchanges. Identify at least two (2) types of property that are not considered like-kind exchanges, and speculate on the reasons why they do not meet the requirements for consideration. Defend your position.
- From the e-Activity, determine at least three (3) conditions that would prevent a like-kind exchange classification, and speculate on the type of abuses the IRS is attempting to remedy with such a restriction(s). Defend your position
Testing Methods” Please respond to the following:
- According to the text, to minimize the risk of material misstatement, auditors seek third- party verification of account balances by mailing customers their statements. Discuss the advantages of positive and negative confirmations, and ascertain whether or not email and oral confirmations are acceptable to increase customer response rates. Support your position.
- Discuss the difference between substantive test of transactions and substantive test of balances, and identify at least two (2) situations when an auditor should test account balances. Support your rationale with related examples of such circumstances.
