Homework Answers
Solution:
Generalized audit software is useful for:
Tests of controls - Yes
Substantive procedure - Yes
Hence last option is correct.
Add Answer to:
Generalized audit software is useful for Tests of Controls Substantive Procedures No Yes Yes No No...
Auditors should design the written audit plan so that: Multiple Choice substantive tests prior to the...
Auditors should design the written audit plan so that: Multiple Choice substantive tests prior to the balance sheet date will be minimized. each account balance will be tested under either tests of controls or tests of transactions. the audit procedures selected will achieve specific audit objectives. all material transactions will be selected for substantive testing.
Inherent Risk, Tests of Controls, and Substantive Procedures
In this assignment, you will prepare a 2–3 page professional document that addresses the requirements specified in the case. InstructionsSpecifically you will be required to:Calculate the required ratios for all given years.Identify and explain high inherent risk assertions.Analyze and draw conclusions about the nature and extent of tests of controls.Analyze and draw conclusions about the nature, timing, and extent of substantive procedures.
20-20 (Objectives 20-2, 20-3) Following are some of the tests of controls and substantive tests of...
20-20 (Objectives 20-2, 20-3) Following are some of the tests of controls and substantive tests of transactions procedures often performed in the payroll and personnel cycle. 1. Reconcile the monthly payroll total for direct manufacturing labor with the labor cost distribution. 2. Examine the time card for the approval of a foreman. 3. Recompute hours on the time card and compare the total with the total hours for which the employee has been paid. 4. Perform a surprise payroll payoff...
Provide an example of a situation in which the performance of tests of controls for the...
Provide an example of a situation in which the performance of tests of controls for the internal control audit might affect the performance of substantive procedures in a financial statement audit.
help asap Indicate which of the following audit procedures, used as tests of controls, do NOT...
help asap
Indicate which of the following audit procedures, used as tests of controls, do NOT involve audit sampling: 1) Observing and evaluating segregation of duties. 2) Testing of whether sales invoices are supported by authorized customer orders and shipping documents. 3) Reviewing client's procedures for accounting for the numerical sequence of shipping documents 4) Examining sales orders for proper credit approval. 5) Recomputing the information on copies of sales invoices. 6) Comparing the average days outstanding in accounts receivable...
give explanation Indicate which of the following audit procedures, used as tests of controls, do NOT...
give explanation
Indicate which of the following audit procedures, used as tests of controls, do NOT involve audit sampling: 1) Observing and evaluating segregation of duties. 2) Testing of whether sales invoices are supported by authorized customer orders and shipping documents 3) Reviewing client's procedures for accounting for the numerical sequence of shipping documents 4) Examining sales orders for proper credit approval. 5) Recomputing the information on copies of sales invoices. 6) Comparing the average days outstanding in accounts receivable...
Check my w Required information Substantive Procedures for Debt Read the overview below and complete the...
Check my w Required information Substantive Procedures for Debt Read the overview below and complete the activities that follow Debt transactions are often few in number but large in dollar amount. As such, auditors are generally able to substantiate individual transactions rather easily. CONCEPT REVIEW: In an integrated audit of debt, a greater number of transactions are tested using dual purpose tests than for other accounts. Dual purpose tests are tests of both controls and substantive tests done at the...
Requirement a. Identify the phase of the audit in which each activity occurs. Phase of Audit...
Requirement a. Identify the phase of the audit in which each activity occurs. Phase of Audit Set acceptable audit risk and decide preliminary judgment about materiality 1. and performance materiality Understand internal control and assess 2. control risk. I. Plan and Design an Audit Approach Perform substantive analytical 3. procedures for accounts payable. II. Perform Tests of Controls and Substantive Tests of Transactions JII. Perform Substantive Analytical Procedures and Tests of Details of Balances 4. Confirm accounts payable. IV. Complete...
Which of the following is a listing of details of the audit procedures to be used...
Which of the following is a listing of details of the audit procedures to be used when testing controls and when conducting detailed substantive audit procedures? a. Audit program b. Audit data analytics c. Accounting records d. Analytical procedures
Which of the following is true of generalized audit software packages? A) They can be used...
Which of the following is true of generalized audit software packages? A) They can be used only in auditing online computer systems. B) They can be used to examine an entire population and eliminate the need for sampling. C) They enable the auditor to perform all manual test procedures less expensively. D) It involves auditing while data is being processed. The advantages of generalized audit software include all of the following except: A) the time to develop the application is...
help asap
Indicate which of the following audit procedures, used as tests of controls, do NOT involve audit sampling: 1) Observing and evaluating segregation of duties. 2) Testing of whether sales invoices are supported by authorized customer orders and shipping documents. 3) Reviewing client's procedures for accounting for the numerical sequence of shipping documents 4) Examining sales orders for proper credit approval. 5) Recomputing the information on copies of sales invoices. 6) Comparing the average days outstanding in accounts receivable...
give explanation
Indicate which of the following audit procedures, used as tests of controls, do NOT involve audit sampling: 1) Observing and evaluating segregation of duties. 2) Testing of whether sales invoices are supported by authorized customer orders and shipping documents 3) Reviewing client's procedures for accounting for the numerical sequence of shipping documents 4) Examining sales orders for proper credit approval. 5) Recomputing the information on copies of sales invoices. 6) Comparing the average days outstanding in accounts receivable...
Check my w Required information Substantive Procedures for Debt Read the overview below and complete the activities that follow Debt transactions are often few in number but large in dollar amount. As such, auditors are generally able to substantiate individual transactions rather easily. CONCEPT REVIEW: In an integrated audit of debt, a greater number of transactions are tested using dual purpose tests than for other accounts. Dual purpose tests are tests of both controls and substantive tests done at the...
Requirement a. Identify the phase of the audit in which each activity occurs. Phase of Audit Set acceptable audit risk and decide preliminary judgment about materiality 1. and performance materiality Understand internal control and assess 2. control risk. I. Plan and Design an Audit Approach Perform substantive analytical 3. procedures for accounts payable. II. Perform Tests of Controls and Substantive Tests of Transactions JII. Perform Substantive Analytical Procedures and Tests of Details of Balances 4. Confirm accounts payable. IV. Complete...
Which of the following is true of generalized audit software packages? A) They can be used only in auditing online computer systems. B) They can be used to examine an entire population and eliminate the need for sampling. C) They enable the auditor to perform all manual test procedures less expensively. D) It involves auditing while data is being processed. The advantages of generalized audit software include all of the following except: A) the time to develop the application is...
Most questions answered within 3 hours.
-
The vapor pressure of a solution containing 38.7 g glycerin
(C3H8O3) in 146.2 g ethanol (C2H5OH)...
asked 1 minute ago -
without using map
1. Write a C++ program to find out the top 10 words in...
asked 2 minutes ago -
A physics major is cooking breakfast when he notices that the
frictional force between the steel...
asked 6 minutes ago -
1)Calculate the percent ionization of a
0.330 M solution of hypochlorous
acid.
% Ionization = %...
asked 5 minutes ago -
A cyclohexane (c-hex) solution is prepared by fully dissolving
9.11g of a newly synthesized organic compound...
asked 12 minutes ago -
SCHEME :-)
[5 marks] Write a procedure called convert that takes as
arguments: a temperature value...
asked 18 minutes ago -
Are
Acetyl CoA and Pyruvate biological molecules that are used to get
ATP energy in aerobic...
asked 19 minutes ago -
Two waves are traveling on a string, one with a wave function,
y1 = 0.05sin(4x -...
asked 27 minutes ago -
Develop an ideal customer profile for three Dell Customer
groups( a supplier, a global business, and...
asked 29 minutes ago -
Suppose, for any future year, the probability its October rain
is more than 3 inches is...
asked 34 minutes ago -
Solve the following systems of linear equations using
substitution 12p + 3q = 15 6q +...
asked 41 minutes ago -
Prof. D went grocery shopping and purchased one dozen eggs and
one pound of flour (all...
asked 48 minutes ago