To provide efficient, reliable evidence, confirmations should be ________. a) created by the client and sent...
To provide efficient, reliable evidence, confirmations should be ________.
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Homework Answers
To provide efficient, reliable evidence, confirmations should be created by the auditor and sent to third parties to be returned to the auditor.
Option C.
Add Answer to:
To provide efficient, reliable evidence, confirmations
should be ________.
a)
created by the client and sent...
I. Evidence should be relevant and reliable to be appropriate. Define the terms “Relevance” and...
I. Evidence should be relevant and reliable to be appropriate. Define the terms “Relevance” and “Reliability”. II. For each situation presented below, indicate which means of gathering evidence would be considered more reliable (#1 or #2) AND indicate a reason from the following list: A. Independent source of the information (Independence of provider); B. auditor’s direct knowledge; C. Knowledgeable source (qualifications of individual providing the information); D. degree of objectivity versus subjectivity;...
DQ1. Discuss the terms 'Relevant', 'Reliable' and 'Sufficient as they relate to audit evidence. Provide an...
DQ1. Discuss the terms 'Relevant', 'Reliable' and 'Sufficient as they relate to audit evidence. Provide an example of each. Why is it important for an internal auditor to apply professional skepticism when evaluating audit evidence?
asap clearly pls Chapter 5 1. Evidence should be relevant and reliable to be appropriate. Define...
asap clearly pls
Chapter 5 1. Evidence should be relevant and reliable to be appropriate. Define the terms "Relevance" and "Reliability" II. For each situation presented below, indicate which means of gathering evidence would be considered more reliable (#1 or #2) AND indicate a reason from the following list: A. Independent source of the information (Independence of provider); B. auditor's direct knowledge; C. Knowledgeable source (qualifications of individual providing the information); D. degree of objectivity versus subjectivity; and E. Functioning...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit procedures that will be performed every year for the client. c. How an auditor should think while performing audit procedures d. Audit objectives and procedures to be followed during the audit process ANSWER 24. Which one of the following is the primary reason for documenting audit work? a. To prevent litigation by other parties that question the audit performance. b. To provide a stand-alone...
What evidence is utilized by the auditor for analytical purposes in substantiating the completeness of the...
What evidence is utilized by the auditor for analytical purposes in substantiating the completeness of the allowance for bad debt estimate? a. Confirmations returned without exception. b. Copies of checks received from customers. c. Stock prices of customer companies. d. Accounts receivable aging schedule.
1. Auditors often follow a "cycle" approach to the gathering of evidence. Of the following accounts,...
1. Auditors often follow a "cycle" approach to the gathering of evidence. Of the following accounts, which typically would NOT be part of the sales cycle? a. Accounts receivable b. Allowance for doubtful accounts c. Inventory d. Sales returns and allowances e. None of the above 2. The assertion COMPLETENESS involves a. Overstatement. b. Ownership. c. Professional Skepticism. d. Understatement. 3. To be appropriate, evidence should be relevant and reliable. Under...
The auditor should guard against unwarranted inferences in gathering audit evidence. The following are examples of...
The auditor should guard against unwarranted inferences in gathering audit evidence. The following are examples of inappropriate inferences that auditors may make because they use evidence that is not entirely relevant to the assertion being tested. The auditor tests the existence of the client’s equipment by inspecting the asset and concludes that the asset exists and is owned by the client. Select the statement that accurately evaluates the auditor’s test described above. a. The only purpose of inspecting the equipment...
o 30 on the truth ar 15. You find the following notes in the e audit...
o 30 on the truth ar 15. You find the following notes in the e audit working papers conceening a client's despatch system pspers 1. Customers visit Seeley's their Seeley identification card to the despatch staff 2. A of Seeley's despatch staff confirming goods taken. 3. One copy of the GDN i warehouse and load the goods they require into their vans after showing coods despatch note (GDN) is produced and signed by the customer and a member s sent...
The aged accounts receivable report is utilized by the auditor to accomplish which of the following?...
The aged accounts receivable report is utilized by the auditor to accomplish which of the following? a. Select the type of confirmations that will be sent to banks. O b. Assess the adequacy of the allowance for doubtful accounts. O c Encourage the client to collect on receivables that are long past due. d. Identify debits in the receivables balance that should be reclassified to payables.
Required information Confirmation Procedures for Debt Read the case and answer the questions that follow Debt...
Required information Confirmation Procedures for Debt Read the case and answer the questions that follow Debt transactions and accounts are often few in number but material in dollar amount. Also, lenders are eager to confirm balances, thereby assisting auditors in verifying amounts owed. As such, confirmations provide an easy tool for obtaining excellent evidence on material balances. CONCEPT REVIEW. Confirmations, while not required for debt, are an efficient and effective way for auditors to obtain a high level of third...
DQ1. Discuss the terms 'Relevant', 'Reliable' and 'Sufficient as they relate to audit evidence. Provide an example of each. Why is it important for an internal auditor to apply professional skepticism when evaluating audit evidence?
asap clearly pls
Chapter 5 1. Evidence should be relevant and reliable to be appropriate. Define the terms "Relevance" and "Reliability" II. For each situation presented below, indicate which means of gathering evidence would be considered more reliable (#1 or #2) AND indicate a reason from the following list: A. Independent source of the information (Independence of provider); B. auditor's direct knowledge; C. Knowledgeable source (qualifications of individual providing the information); D. degree of objectivity versus subjectivity; and E. Functioning...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit procedures that will be performed every year for the client. c. How an auditor should think while performing audit procedures d. Audit objectives and procedures to be followed during the audit process ANSWER 24. Which one of the following is the primary reason for documenting audit work? a. To prevent litigation by other parties that question the audit performance. b. To provide a stand-alone...
o 30 on the truth ar 15. You find the following notes in the e audit working papers conceening a client's despatch system pspers 1. Customers visit Seeley's their Seeley identification card to the despatch staff 2. A of Seeley's despatch staff confirming goods taken. 3. One copy of the GDN i warehouse and load the goods they require into their vans after showing coods despatch note (GDN) is produced and signed by the customer and a member s sent...
The aged accounts receivable report is utilized by the auditor to accomplish which of the following? a. Select the type of confirmations that will be sent to banks. O b. Assess the adequacy of the allowance for doubtful accounts. O c Encourage the client to collect on receivables that are long past due. d. Identify debits in the receivables balance that should be reclassified to payables.
Required information Confirmation Procedures for Debt Read the case and answer the questions that follow Debt transactions and accounts are often few in number but material in dollar amount. Also, lenders are eager to confirm balances, thereby assisting auditors in verifying amounts owed. As such, confirmations provide an easy tool for obtaining excellent evidence on material balances. CONCEPT REVIEW. Confirmations, while not required for debt, are an efficient and effective way for auditors to obtain a high level of third...
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