What is the best type of evidence to evaluate existence of accounts receivable? Tracing Observation Reperformance...
What is the best type of evidence to evaluate existence of accounts receivable?
Tracing
Observation
Reperformance
Confirmation
Interviews
Homework Answers
Correct answer---confirmation.
.
In case of accounts receivables balance the auditor require confirmation from third party if he wish to or in case he asses a risk of misstatement. Third party confirmation is done by acquiring account statement from the debtors to check correctness of balances.
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What is the best type of evidence to evaluate existence of
accounts receivable?
Tracing
Observation
Reperformance...
What is the best type of audit procedure? A. Interviews B. Observation C. Confirmation D. Record...
What is the best type of audit procedure? A. Interviews B. Observation C. Confirmation D. Record examination E. Reperformance
Requirement b. Identify the type of evidence for each procedure. Procedure Type of Evidence Discuss the...
Requirement b. Identify the type of evidence for each procedure. Procedure Type of Evidence Discuss the duties of the cash disbursements clerk with him and observe whether he has responsibility for handling cash or preparing the bank 1. reconciliation. Examine the internal auditor's initials on monthly bank reconciliations as 2. an indication of whether they have been reviewed. Account for a sequence of checks in the cash disbursements journal to 3. determine whether any have been omitted. Examine vendors' invoices...
For each of the following specific audit procedures, indicate the type of audit evidence it is...
For each of the following specific audit procedures, indicate the type of audit evidence it is gathering: (1) Inspection of records or documents, (2) inspection of tangible assets (3) observation, (4) inquiry, (5) confirmation, (6) recalculationreperformance (8) analytical procedures, and (9) scanning. The audit evidences can be used more than once a Discussing the recording of sales discounts in the fourth quarter with the accounts receivable manager b Examining sales invoices for supporting customer order and shipping documents c Reviewing...
egatively defined objects: Summarize the best observational evidence that astronomers have for the existence of stellar...
egatively defined objects: Summarize the best observational evidence that astronomers have for the existence of stellar-mass black holes. Contrast this with the observational evidence that pulsars exist. Do you agree or disagree with the statement that the best evidence for stellar-mass black holes is that scientists have detected objects for which an alternate explanation is lacking? How does your answer influence your confidence in the existence of black holes? Does the strong observational confirmation of Einstein's general theory of relativity...
What is the best evidence to audit the following? 1- Inventory 2- Accounts Receivable 3- Depreciation...
What is the best evidence to audit the following? 1- Inventory 2- Accounts Receivable 3- Depreciation expense 4- Contingent liabilities 5- Collectibles
Assertions: Evidence Types Existence Occurrence Accuracy Classification Cutoff Completeness Valuation/Allocation Rights/Obligations Presentation Inspection of documents/records Inspection...
Assertions: Evidence Types Existence Occurrence Accuracy Classification Cutoff Completeness Valuation/Allocation Rights/Obligations Presentation Inspection of documents/records Inspection of tangible assets Observation Scanning evidence Inquiry Confirmation Reperformance Recalculation Analytical Evidence Part 2: Assume you are the audit team for the audit of Waren Sports Supply (a client with a traditional information system, which you should be familiar with). Imagine that this is the first time you’ve audited them, so you need to develop your own audit programs to make sure important assertions...
II. Classify each of the following according to type of audit evidence: A. Analytical procedures E....
II. Classify each of the following according to type of audit evidence: A. Analytical procedures E. Observation B. Confirmation F. Inspection of Assets ( i.e. Physical Examination) c. Examination of Documents G. Recalculation D. Inquiry Reperformance I. Scanning Items 1. Cheet Check the extensions (multiplications) on sales invoices. 2. The auditor tests interest expense by developing an overall reasonableness test rather than redoing all the bond amortization schedules. (Don't use G, recalculation) Vouch sales invoices to related shipping documents to...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit procedures attached, indicate the type of audit evidence being obtained by the auditor. Choose your answer from the list below, selecting the best choice for the procedure TYPES OF AUDIT EVIDENCE Inspection of Documents--Tracing 2) Inspection of Documents--Vouching 3) Inspection of Documents-Scanning 4) Physical Inspection 5) Observation 6) Inquiry 7) Confirmation 8) Recalculation C9) Reperformance 10) Analytical Procedures EXAMPLES OF AUDIT PROCEDURES PERFORMED BY...
What observational evidence do we have for the existence of neutron stars? What observational evidence do...
What observational evidence do we have for the existence of neutron stars? What observational evidence do we have for the existence of black holes?
1. Consider the following statements: I. Lapping involves covering a theft related to accounts receivable...
1. Consider the following statements: I. Lapping involves covering a theft related to accounts receivable by using a later cash receipt to cover the previous theft. II. A “positive confirmation” requests that customers respond whether they agree or not with the amount due to the entity stated in the confirmation. a. I is true; II is true b. I is true; II is false c. I is false; II is true d....
Requirement b. Identify the type of evidence for each procedure. Procedure Type of Evidence Discuss the duties of the cash disbursements clerk with him and observe whether he has responsibility for handling cash or preparing the bank 1. reconciliation. Examine the internal auditor's initials on monthly bank reconciliations as 2. an indication of whether they have been reviewed. Account for a sequence of checks in the cash disbursements journal to 3. determine whether any have been omitted. Examine vendors' invoices...
II. Classify each of the following according to type of audit evidence: A. Analytical procedures E. Observation B. Confirmation F. Inspection of Assets ( i.e. Physical Examination) c. Examination of Documents G. Recalculation D. Inquiry Reperformance I. Scanning Items 1. Cheet Check the extensions (multiplications) on sales invoices. 2. The auditor tests interest expense by developing an overall reasonableness test rather than redoing all the bond amortization schedules. (Don't use G, recalculation) Vouch sales invoices to related shipping documents to...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit procedures attached, indicate the type of audit evidence being obtained by the auditor. Choose your answer from the list below, selecting the best choice for the procedure TYPES OF AUDIT EVIDENCE Inspection of Documents--Tracing 2) Inspection of Documents--Vouching 3) Inspection of Documents-Scanning 4) Physical Inspection 5) Observation 6) Inquiry 7) Confirmation 8) Recalculation C9) Reperformance 10) Analytical Procedures EXAMPLES OF AUDIT PROCEDURES PERFORMED BY...
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