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Auditing

The following are various audit procedures performed to satisfy specific transaction-related audit objectives as discussed in Chapter 6. The general transaction-related audit objectives from Chapter 6 are also included.

(Objective 7-4) The following are various audit procedures performed to satisfy specific transaction-related audit objectives

4. Observe opening of cash receipts to determine that cash receipts are promptly deposited and recorded. 5. Ask the accounts

6. Vouch entries in sales journal to sales invoices and related shipping documents. General Transaction-Related Audit Objecti

a. Identify the type of audit evidence used for each audit procedure. b. Identify the general transaction-related audit objec

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Answer #1

(Objective 7-4)

Answers:

1. Audit evidence: Inspection   

Audit objective: Completeness

2. Audit evidence: Recalculation

Reperformance

Audit objective: Posting and Summarization

3. Audit evidence: Inspection

Audit objective: Classification

4. Audit evidence: Observation

Audit objective: Timing and Completeness

5. Audit evidence: Inquiries of clients

Audit objective: Accuracy

6. Audit evidence: Inspection

Audit objective: Occurence

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