Get to Know Your Audit Team
In the fall you can find this auditor reading in front of a fire while enjoying Pizza, possibly watching the Dark Knight and working on a consolidated balance sheet.
Who is Cody Rittenhouse?
This accounting equation shows that a company’s resources equal the claims against those resources.
What is Assets = Liabilities + Equity?
An auditor sends a letter directly to a customer asking the customer to verify its outstanding balance. This is called this.
What is an external confirmation?
This assertion addresses whether all transactions and account balances that should have been recorded are actually included in the financial statements.
What is Completeness?
This charming candlestick sings "Be Our Guest" in Disney's Beauty and the Beast.
Who is Lumiere?
This auditor enjoys carving pumpkins in the fall and good old statement of functional expenses. You also might find this auditor watching Trailer Park Boys or studying theology in their spare time.
Who is Jaden Oestern?
In a typical asset account, this side is used to record increases.
What is the debit?
An amount is considered this if its omission or misstatement could reasonably influence the decisions of financial statement users.
What is material?
This assertion ensures that transactions are recorded in the correct accounting period, particularly around year-end.
What is Cutoff
This whammy-loving sports anchor for KVWN Channel 4 is known for his cowboy hat, his profound love for Ron Burgundy, and his questionable taste in chicken-fried bat.
Who is Champ Kind?l
You might catch this auditor watching NDSU football while diving into a burrito from Chipotle after working on home remodel projects and having fun balancing a contributed nonfinancial asset footnote.
Who is Jeremy Ulmer?
Cash, accounts receivable, and inventory are all examples of this category of resources owned by a business.
What are assets?
This is the primary objective of a financial statement audit: to provide reasonable assurance that the financial statements are free of this.
What is material misstatement?
An auditor reviews subsequent cash receipts to determine whether accounts receivable are collectible and the allowance for doubtful accounts is appropriately stated. This assertion is being tested.
What is Valuation and Allocation?
This black-and-white beagle first appeared in the Peanuts comic strip in 1950, often escaping into his imagination as a World War I Flying Ace.
Who is Snoopy?
You can find this auditor enjoying bonfires in the fall with their pet bobcat. They also might be watching the Fantastic Mr. Fox while they enjoy working on a schedule of assets (held at year end).
Who is Aliya Goetzfried?
An adjusting entry is needed when a company has received a service but has not yet recorded the related expense.
What is an accrued expense?
Instead of examining every transaction, an auditor selects and tests a portion of the population. This approach is known as this.
What is audit sampling?
This assertion addresses whether transactions and events have been recorded in the appropriate accounts.
What is Classification?
This Food Network star and "Mayor of Flavortown" is famous for his bleached blonde hair, retro shirts, and taking viewers on a road trip in his 1968 Chevy Camaro.
Who is Guy Fieri?
In the fall this auditor also enjoys watching football, but likes to mix it up with a good schedule of contracts in progress. Possibly while watching succession and collecting sports cards.
Who is Skylar Belgarde?
Cash received from customers and cash paid to suppliers are generally reported in this section of the statement of cash flows.
What is operating activities?
An auditor compares a client’s current-year gross profit percentage with prior years to identify unusual changes. This is an example of this type of procedure.
What is an analytical procedure?
An auditor evaluates whether financial statement disclosures are understandable, appropriately presented, and sufficiently detailed. This assertion is being tested.
What is Presentation?
The slogan on this classic glass bottle includes a "57" that still marks the sweet spot to tap for a faster pour.
What is a ketchup bottle?