Problem
1. PREPAID INSURANCE
A. Describe the internal controls that should be in existence for prepaid insurance.
B. Discuss the Financial statement Assertions that should be considered for prepaid insurance.
C. Develop an audit program for prepaid insurance
D. Identify internal controls items that should be considered when auditing prepaid insurance
E. Discuss the accounting principles to apply when auditing prepaid insurance.
2. PROPERTY, PLANT, AND EQUIPMENT
A. Develop audit procedures for Property, plant, and equipment
B. Discuss the Financial statement assertion applicable to property and equipment
C. Develop internal controls tousle for property, plant, and equipment
D. What considerations should be addressed when auditing, property, plant, and equipment?
E. Describe the accounting principles that should be considered for plant and equipment.