Homework Answers
| Type of Audit evidence | Examples Of audit procedures performed by auditor | ||
| 1 | Inspection of Documents - Tracing | = | (g) |
| 2 | Inspection of Documents - Vouching | = | (j) |
| 3 | Inspection of Documents - Inspecting | = | (a) |
| 4 | Physical Inspection | = | (c) |
| 5 | Observation | = | (b) |
| 6 | Inquiry | = | (i) |
| 7 | Confirmation | = | (f) |
| 8 | Recalculation | = | (e) |
| 9 | Re performance | = | (d) |
| 10 | Analytical Procedures | = | (h) |
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Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit...
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....
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...
(d) LIST OF AUDIT PROCEDURES PERFORMED FOR INVENTORY Audit Procedure Management Assertion (a) The auditor determined...
(d) LIST OF AUDIT PROCEDURES PERFORMED FOR INVENTORY Audit Procedure Management Assertion (a) The auditor determined that pledged inventory was identified in a note. (b) The auditor confirmed goods held by the client in a public warehouse. The auditor performed a purchases cutofftest to assure all purchase transactions for the year were included in the balance. The auditor accounted for the numerical sequence of purchase orders. The auditor vouched the recorded payables to receiving documents. (f) The auditor determined that...
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...
1.An auditor has just prepared and sent a letter to management detailing weaknesses in internal control....
1.An auditor has just prepared and sent a letter to management detailing weaknesses in internal control. A copy of this letter should be ________. -placed in the temporary file, and removed when the client corrects the deficiencies -filed with the Securities and Exchange Commission -sent to the client’s attorney -placed in the permanent file 2.What do auditors consider when determining the extent to which the internal auditors’ work will affect the auditors’ procedures? -The materiality of the account balance or...
1. One of the initial steps in the audit process is to obtain a _______ that...
1. One of the initial steps in the audit process is to obtain a _______ that is used as an agreement between a CPA firm and a client for the conduct of an audit and related services. a)10-Q filed with the SEC b)Assessment report c)Audit and risk report d)Engagement letter 2. An auditor must consider both acceptable audit risk and inherent risk when planning an audit. These two types of risk affect the: a)Amount of evidence that needs to be...
Describe what audit procedures you (the auditor) likely performed which resulted in your discovery of these...
Describe what audit procedures you (the auditor) likely performed which resulted in your discovery of these subsequent events. 3. There was an avalanche in Park City, Utah resulting in serious damage to the Company’s main manufacturing plant on February 14, 2020. Even after insurance reimbursements, the Company expects to have material losses as a result of the avalanche. (Note: you do not need to discuss the adequacy of their insurance policy).
Describe what audit procedures you (the auditor) likely performed which resulted in your discovery of these...
Describe what audit procedures you (the auditor) likely performed which resulted in your discovery of these subsequent events. 2. The Company was so caught up in its own success that it forgot to accrue for bonuses earned by senior management during 2019 but payable in February 2020. The aggregate bonus amount was $920,000.
Learning objectives addressed by this exercise: Chapter 3-Learning Objectives 4 1. The following are ten various...
Learning objectives addressed by this exercise: Chapter 3-Learning Objectives 4 1. The following are ten various audit procedures performed to satisfy specific audit objectives related to management assertions. 1. Read the footnote in the most recent interim financial statements for information regarding the monetary losses from resolution of a lawsuit that was still pending at year-end. The footnote in the year-end financials indicates that the likelihood of a loss is remote. 2. Totaling to ensure that the current and long-term...
auditing 7. An auditor has accounted for a sequeno information on a representative number assertion does...
auditing
7. An auditor has accounted for a sequeno information on a representative number assertion does this procedure relate to most directly A) Completeness. B) Existence. C) Legality. D) Valuation. a sequence of inventory tags and is now going to trace e number of tags to the inventory summary sheets. Which o. Which of the following is not a procedure that typically is used by the auditors in tica 8. Which of the follow examination of a client's goods held...
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...
(d) LIST OF AUDIT PROCEDURES PERFORMED FOR INVENTORY Audit Procedure Management Assertion (a) The auditor determined that pledged inventory was identified in a note. (b) The auditor confirmed goods held by the client in a public warehouse. The auditor performed a purchases cutofftest to assure all purchase transactions for the year were included in the balance. The auditor accounted for the numerical sequence of purchase orders. The auditor vouched the recorded payables to receiving documents. (f) The auditor determined that...
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...
auditing
7. An auditor has accounted for a sequeno information on a representative number assertion does this procedure relate to most directly A) Completeness. B) Existence. C) Legality. D) Valuation. a sequence of inventory tags and is now going to trace e number of tags to the inventory summary sheets. Which o. Which of the following is not a procedure that typically is used by the auditors in tica 8. Which of the follow examination of a client's goods held...
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