Wgu d215 auditing exam 2 - Study guides, Class notes & Summaries

In 2013, COSO published an updated version of the framework. The updated framework acknowledged the widespread use of the original COSO framework and desired to build upon the core tenets and definitions established in the original framework. - ANSWER What is the Committee of Sponsoring Organizations (COSO)? Briefly describe the original COSO framework from 1992 and the improvements made in the updated COSO framework from 2013. a) Reliability of financial reporting Is the most import...

Ability of cash flow from operations to cover current debt and dividends Measures ability to cover current debt maturities and dividends with operating cash flow. Accounting estimate An approximation of a monetary amount when a precise means of measurement is not available. Accounting records Client's records of the initial accounting entry and supporting documents. Acid-test (quick) ratio Measures ability to meet short-term obligations with liquid assets such as cash, ...