JP Morgan Chase is a company that deals with global financial services and retail banking. The services provided by this company include treasury and security services, private banking, asset management, investment banking commercial banking, home finance and card member services. The company provides services for institutions, business enterprises, and individuals.
The company’s management discussion and analysis in Form 10-K identify some of the risks that can result in overstating the receivables/revenue or may understate the payables /liabilities. The risks highlighted in Form 10-K include deposits measured in terms of cash balances that are placed with central and commercial banks. Security financing exposures measured as receivable balance and are net of eligible for the collateral received, debt and equality securities that are determined at the fair value of all the positions that include both long and short term positions. Other reasons stated include counterparty exposure on the derivative receivable that is measured at the derivative fair value, net of their fair value and is not eligible for the collateral received. Lending exposures which are measured as the total committed amount funded and unfunded, net of allowances for both credit losses and eligible cash and marketable collateral received. Lastly, is the credit derivatives protection both sold and purchased that is reported based on an underlying reference entity and is also measured as a notion of the amount of protection that is sold, the net fair value of the derivative receivable or payables.
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Write My Essay For MeThe auditor, in this case, can conduct a test by testing debits directly for overstatement where the matching credit entries will be tested indirectly for understatement. Also, the auditor will test credit entries for understatement and the matching debit entries will test for overstatement.
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