ACCT 444 Week 3 Homework

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16. Articles of incorporation 17. Title insurance policies for real estate 18. Notes receivable Required 1. Classify each of the preceding items according to type of documentation: (1) internal or (2) external. . 1. Explain why external evidence is more reliable than internal evidence. 7-30 (Objective 7-4) Eight different types of evidence were discussed. The following questions concern the reliability of that evidence: Required . 1. Explain why confirmations are normally more reliable evidence than inquiries of the client. . 1. Describe a situation in which confirmation will be considered highly reliable and another in which it will not be reliable. . 1. Under what circumstances is the physical observation of inventory considered relatively unreliable evidence?
1. Explain why recalculation tests are highly reliable but of relatively limited use. . 1. Give three examples of relatively reliable documentation and three examples of less reliable documentation. What characteristics distinguish the two? 1. Give several examples in which the qualifications of the respondent or the qualifications of the auditor affect the reliability of the evidence. 1. Explain why analytical procedures are important evidence even though they are relatively unreliable by themselves. . 7-31 (Objective 7-4) As auditor of the Star Manufacturing Company, you have obtained 1. A trial balance taken from the books of Star one month before year-end: 2. There are no inventories consigned either in or out. 3. All notes receivable are due from outsiders and held by Star. Required Which accounts should be confirmed with outside sources? Briefly describe from whom they should be confirmed and the information that should be confirmed. Organize your answer in the following format:*
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ACCT 444 Week 3 Homework

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