Homework Answers
The correct option is a) personal inquiry and observation
An auditor should use the observation and inquiry techniques to tests the segregation of duties related to inventory.
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18. An auditor generally tests the segregation of duties related to inventory by personal inquiry and...
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....
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...
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...
When the operating effectiveness of a control is not evidenced by written documentation, an auditor should...
When the operating effectiveness of a control is not evidenced by written documentation, an auditor should obtain evidence about the control’s effectiveness by a. Mailing confirmations. b, Analytical procedures. c. Recalculating the balance in related accounts. d. Inquiry and other procedures such as observation.
1.To conclude that a management review control is effective, the auditor is required to identify a...
1.To conclude that a management review control is effective, the auditor is required to identify a selection of instances in which the control operated, evaluate whether management followed the procedures specified by the control, and properly evaluated and resolved exceptions. A) True B) False 2. Which of the following statements about substantive analytical procedures is correct? A) The results of the procedure provide evidence about the existence or absence of misstatement in an account. B) The results of the procedure...
1. As a part of auditing depreciation expense the auditor tests whether the client has followed...
1. As a part of auditing depreciation expense the auditor tests whether the client has followed a consistent policy and the calculations are correct. Which of the following audit objectives is the auditor addressing? A) Cut-off B) Occurrence C) Completeness D) Accuracy 2. The auditor used positive confirmations to test accounts receivable, but several of the confirmations were not returned. Which of the following auditing procedures would the auditor perform on the non-responses? A) Inspect shipping documents to verify that...
Assertions: Evidence Types Existence Occurrence Accuracy Classification Cutoff Completeness Valuation/Allocation Rights/Obligations Presentation Inspection of documents/records Inspection...
Assertions: Evidence Types Existence Occurrence Accuracy Classification Cutoff Completeness Valuation/Allocation Rights/Obligations Presentation Inspection of documents/records Inspection of tangible assets Observation Scanning evidence Inquiry Confirmation Reperformance Recalculation Analytical Evidence Part 2: Assume you are the audit team for the audit of Waren Sports Supply (a client with a traditional information system, which you should be familiar with). Imagine that this is the first time you’ve audited them, so you need to develop your own audit programs to make sure important assertions...
3. The four events-processing functions that constitute the segregation of duties control plan are A. Authorizing...
3. The four events-processing functions that constitute the segregation of duties control plan are A. Authorizing events B. Executing events C. Recording events D. Safeguarding resources Required Below is a list of ten events-processing activities, five relating to the cycle of activities involved in processing a sales event and seven relating to the cycle for a purchase event. Classify each of the twelve activities into one of the four functional categories listed above by placing the letter A, B, C,...
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...
1.Which of the following is not one of the steps the auditor must perform to assess...
1.Which of the following is not one of the steps the auditor must perform to assess control risk at less than “high” for a financial statement assertion? A) obtain an understanding of internal control B) identify controls that address all relevant assertions in the financial statements C) make a preliminary assessment of control risk based on the design of relevant controls D) test the operating effectiveness of the controls that must be effective to reduce control risk 2.Which of the...
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...
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...
3. The four events-processing functions that constitute the segregation of duties control plan are A. Authorizing events B. Executing events C. Recording events D. Safeguarding resources Required Below is a list of ten events-processing activities, five relating to the cycle of activities involved in processing a sales event and seven relating to the cycle for a purchase event. Classify each of the twelve activities into one of the four functional categories listed above by placing the letter A, B, C,...
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