Assume You Were Working on the Year-End Audit of a Public

question 82

Essay

Assume you were working on the year-end audit of a public university.a.Identify the significant accounts and the relevant assertions for these accounts at your school.Explain your answer.b.How would analytical procedures be used to gather audit evidence for the audit?

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Definitions:

Just-In-Time

A manufacturing strategy that aligns raw-material orders with production schedules to minimize inventory costs.

Opportunity Situation

A scenario in which conditions are favorable for achieving a specific goal or for seizing a strategic advantage.

Inventory Turnover

A measure of how frequently a company's inventory is sold and replaced over a specific period.

Financial Liquidity

The ease with which an asset can be converted into cash without affecting its market price.