The PCAOB's Standard No

question 79

Essay

The PCAOB's standard No.2 specifically requires auditors to understand transaction flows in designing their test of controls.What steps does this entail?

Comprehend the properties and functions of stem cells, especially embryonic stem cells.

Differentiate between various tissue types and their unique functions or characteristics.

Explain the functions of the endocrine system and how it influences bodily functions.

Identify and describe the functions and components of the skeletal system.

---

Definitions:

Current Asset

An asset likely to be converted into cash within a year, used in the normal operations of a business.

Plant Asset

A long-term physical asset that is used as part of a company's operations to help in generating revenues, similar to a fixed asset but specifically related to manufacturing.

Land

Real property consisting of natural resources and geographic space, which has various uses such as agricultural, commercial, or residential.

Unearned Revenues

Income received by an individual or company for a service or product that has yet to be provided or delivered.