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Simulation 5-46 (LO 5-1, 5-2,5-4) Auditors consider financial statement assertions to identify appropriate audit procedures. For...
22. Auditors consider financial statement assertions to identify appropriate audit procedures. For items i through vi,...
22. Auditors consider financial statement assertions to identify appropriate audit procedures. For items i through vi, match each assertion with the statement that most closely approximates its meaning. Each statement may be used only once. (Use letters a. – f. below.) Assertion Statement i. Completeness ii. Cutoff iii. Existence and occurrence iv. Presentation and disclosure v. Rights and obligations vi. Valuation a.The company legally owns the assets, and are legally on the line for paying liabilities. b. Accounts receivable and...
le plainin evidential matter in support of financial statement assertions, the auditor develops specific audit chiectives...
le plainin evidential matter in support of financial statement assertions, the auditor develops specific audit chiectives in light of those assertions. Audit procedures are then selected to accomplish audit objectives. Required: Your client is Hillmart, a retail department store that does no production. For each specific inventory audit obiective listed below select the most closely related financial statement assertion and the most appropriate audit procedure, FL nancial statement assertions and audit procedures may be selected once, more than once, or...
Question: Question 29 Assertions about classes of transactions and events typically include _______. -completeness, accuracy, and...
Question: Question 29 Assertions about classes of transactions and events typically include _______. -completeness, accuracy, and valuation -existence, rights, and cutoff -existence, rights, and obligations -occurrence, cutoff, and completeness Question 30 Assertions about account balances at year-end typically include _______. -existence, occurrence, and cutoff -existence, completeness, and allocation -existence, completeness, and rights and obligations -accuracy, valuation, and occurrence Question 31 Assertions about presentation and disclosure typically include _______. -cutoff, presentation, and disclosure -completeness, accuracy and valuation, and classification and understandability...
Audit and Investigation work. Can you please assist me.Thank you B- ASSERTIONS AND AUDIT OBJECTIVES: The...
Audit and Investigation work. Can you please assist me.Thank you B- ASSERTIONS AND AUDIT OBJECTIVES: The following are specific balance related audit objective applied to the audit of accounts receivable (a thu h) and management assertions about account balances (1 thu 4) The list referred to in the specific balance related audit objectives is the list of the accounts receivable from each customer at the balance sheet date. Specific Balance Related Audit Objective a) There are no unrecorded receivables b)...
QUESTION 1 According to Brazel’s research, responses from financial statement auditors in the U.S. who were...
QUESTION 1 According to Brazel’s research, responses from financial statement auditors in the U.S. who were surveyed about their experiences with IT auditors indicated that they believe IT auditors’ _______ levels vary in practice. A. competence B. capability C. objectivity D. participation QUESTION 2 Auditors inspecting a sample of accounts payable balances listed on the ledger and verifying that they are true payables owed by the client gather evidence in support of the _______ assertion. A. accuracy B. occurrence C....
For each of the following specific audit procedures, identify the category (assertions about classes of transactions...
For each of the following specific audit procedures, identify the category (assertions about classes of transactions and events or assertions about account balances) and the primary assertion being tested. a. Sending a written request to the entity's customers requesting that they report the amount owed to the entity. b. Examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period. c. Agreeing the total of the accounts...
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...
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question....
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) D) Your audit client, Banner, is a retail sporting goods store. You are currently working on the inventory portion of the audit. In obtaining audit evidence in support of financial statement assertions, the auditor develops specific audit objectives in response to those assertions. Audit procedures are then selected to accomplish audit objectives. For each specific inventory audit objective listed, select the most closely...
7-31 (OBJECTIVE 7-4) The following audit procedures were performed in the audit of inventory to satisfy...
7-31 (OBJECTIVE 7-4) The following audit procedures were performed in the audit of inventory to satisfy specific balance-related audit objectives as discussed in Chapter 6. The audit procedures assume that the auditor has obtained the inventory count sheets that list the client’s inventory. The general balance-related audit objectives from Chapter 6 are also included. Audit Procedures 1. Select a sample of inventory items in the factory warehouse and trace each item to the inventory count sheets to determine whether it...
For each audit procedure, select the appropriate audit objective. Objective Procedure 1. Trace receiving reports to...
For each audit procedure, select the appropriate audit objective. Objective Procedure 1. Trace receiving reports to related invoice and entry in purchases journal to determine that existing purchases are recorded. 2. Examine sales invoices selected from the sales journal to determine if recorded on the correct dates. 3. Verify recorded fixed asset additions by physically examining the equipment. 4. Examine the last five sales invoices recorded in the sales journal to determine they are recorded in the proper period. 5....
le plainin evidential matter in support of financial statement assertions, the auditor develops specific audit chiectives in light of those assertions. Audit procedures are then selected to accomplish audit objectives. Required: Your client is Hillmart, a retail department store that does no production. For each specific inventory audit obiective listed below select the most closely related financial statement assertion and the most appropriate audit procedure, FL nancial statement assertions and audit procedures may be selected once, more than once, or...
For each of the following specific audit procedures, identify the category (assertions about classes of transactions and events or assertions about account balances) and the primary assertion being tested. a. Sending a written request to the entity's customers requesting that they report the amount owed to the entity. b. Examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period. c. Agreeing the total of the accounts...
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) D) Your audit client, Banner, is a retail sporting goods store. You are currently working on the inventory portion of the audit. In obtaining audit evidence in support of financial statement assertions, the auditor develops specific audit objectives in response to those assertions. Audit procedures are then selected to accomplish audit objectives. For each specific inventory audit objective listed, select the most closely...
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