Giant Store Case

Giant Store Case

1.         Management assertion of completeness is of primary concern to an meeter because of the nature of deems payable, which is prone to understatement.

2.         The nature of search for unrecorded liabilities as a year-end substantive test for a invitees authoritative liability is to make sure they are not understated. attendant can send out realizeation letter and shoot client for a list of liabilities, they could also seek for the resultant activities to make sure these liabilities have been paid. In this case, if the client did pursue those credit and right off confirm these credit from Giant Stores suppliers, the dissimulator may have been detected.

3.         Touche Ross can stratified the sample and arbitrarily select credits from these pre-sorted block to test the material truth of the purported advertising credits. The sample size shouldnt be too small.

4.          lustiness of audit evidence collected via predict confirmation is compromised because via telephone the client can manipulate the information, they may not get along from the right somebody the auditor wants to talk to. If the confirmation via send out is not viable and the audit is sure the phone client dialed is the client they want to talk to, and the client hasnt inform the person they called in advance, the confirmation may be perceived creditable.

5.



        The go on rate for confirmation of account payable may substantially exceed that of account receivable, so for account payable, supplement see may only include letter to the legal councilor to confirm the contigent legal liabilities and the subsequent fol baseborn-up of payment of accounts payable. But for account receivable, the return rate may be too low to be relied on, so a list of supplemental measures including the directly calling and check of subsequent payment may be greatly pursued.

6.         The difference of opinions...

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