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
Homework Answers
Solution:
The best type of audit procedure is "Record examination"
Hence option D is correct.
Add Answer to:
What is the best type of audit procedure?
A. Interviews
B. Observation
C. Confirmation
D. Record...
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
For the given audit procedure, and from the list provided, identify the type of audit procedure...
For the given audit procedure, and from the list provided, identify the type of audit procedure the auditor performed and the proper classification of the audit procedure. The auditor reviewed the board of directors' minutes for authorization of new debt financing. a. The audit procedure is observation and it is a substantive test b. inspection and substantive test c. inspection and test of control d. observation and test of control
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...
Confirmation of accounts receivable is presumptively mandatory audit procedure. In performing this procedure, auditors use positive...
Confirmation of accounts receivable is presumptively mandatory audit procedure. In performing this procedure, auditors use positive confirmation requests or negative confirmation requests or a combination of both. Which confirmation provides auditors with more accurate assurance, and why? (2 marks) B. Describe two conditions which should exist for the auditors to use the negative form of request. (4 marks) C. If a response is not received to an initial positive confirmation request, describe two actions that should be taken by the...
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...
Ch.16 Discussion Topic: Audit procedure: Accounts Receivable Confirmation What procedures should an auditor perform for a...
Ch.16 Discussion Topic: Audit procedure: Accounts Receivable Confirmation What procedures should an auditor perform for a Positive confirmation (vs. negative A/R confirmation) that is not returned by the client's customer? Please also discuss effectiveness (pros and cons) of each audit procedures you have decided to apply in conjunction with Accounts Receivables/revenue audit procedures/methodologies/techniques.
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...
During year 1 audit of Cellening Co., the auditor performed various procedures relating to inventory. Match...
During year 1 audit of Cellening Co., the auditor performed various procedures relating to inventory. Match each of the following procedures with the description. Each audit procedures may be used once, more than once, or not at all. Audit procedures: Analytical procedure, External confirmation, inquiry, inspection of records or documents, Inspection of tangible assets, Observation, recalculation, reperformance. A. Inspection of tangible assets B. Inspection of records or documents C. Reperformance D. Inquiry E. Analytical procedure F. Recalculation G. Observation 1....
MULTIPLE CHOICE Choose the one alternative that best completes the statement or answers wie que 1)...
MULTIPLE CHOICE Choose the one alternative that best completes the statement or answers wie que 1) – 1) Audit procedures may be performed: For to the fiscal year-end of the client Yes No Yes No Subsequent to the fiscal year-end of the client Yes No No Yes 2 - 2) The principles requires the auditor to accumulate sufficient competent evidence to support the opinion issued. Because of the nature of audit evidence, it is A) likely that the auditor would...
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...
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...
Confirmation of accounts receivable is presumptively mandatory audit procedure. In performing this procedure, auditors use positive confirmation requests or negative confirmation requests or a combination of both. Which confirmation provides auditors with more accurate assurance, and why? (2 marks) B. Describe two conditions which should exist for the auditors to use the negative form of request. (4 marks) C. If a response is not received to an initial positive confirmation request, describe two actions that should be taken by 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...
Ch.16 Discussion Topic: Audit procedure: Accounts Receivable Confirmation What procedures should an auditor perform for a Positive confirmation (vs. negative A/R confirmation) that is not returned by the client's customer? Please also discuss effectiveness (pros and cons) of each audit procedures you have decided to apply in conjunction with Accounts Receivables/revenue audit procedures/methodologies/techniques.
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...
MULTIPLE CHOICE Choose the one alternative that best completes the statement or answers wie que 1) – 1) Audit procedures may be performed: For to the fiscal year-end of the client Yes No Yes No Subsequent to the fiscal year-end of the client Yes No No Yes 2 - 2) The principles requires the auditor to accumulate sufficient competent evidence to support the opinion issued. Because of the nature of audit evidence, it is A) likely that the auditor would...
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