Examlex
One typical difference between the asset prepaid expenses and other assets, such as accounts receivable and inventory, is the immateriality of the former in many audits. Because of this immateriality, frequently the only audit procedure necessary to perform is:
Lateral Continuity
A geological principle that states layers of sediment initially extend laterally in all directions; in other words, they are laterally continuous.
Original Horizontality
A principle stating that layers of sediment are originally deposited horizontally under the action of gravity.
Superposition
A principle in geology stating that in an undeformed sequence of sedimentary rocks, each layer is older than the one above it and younger than the one below it.
Cross-Cutting Relations
The principle that a geologic unit or feature is older than a rock or feature that crosscuts it.
Q1: Which of the following balance- related objectives
Q35: The signature section of the audit report
Q41: Distinguish between a management representation letter and
Q43: If the outgoing auditor refuses to communicate
Q45: Which one of the following analytical procedures
Q50: The auditor should be satisfied that acquisitions
Q53: Which of the following misstatements will normally
Q68: 'Recorded payroll payments are for work actually
Q75: It is usually more difficult to evaluate
Q86: The auditor's ultimate defence where conflicts are