5. Lucas Roberts is auditing the accounts receivable of Smithway Marina. Lucas is trying to ensure...
5. Lucas Roberts is auditing the accounts receivable of Smithway Marina. Lucas is trying to ensure his audit evidence supports the existence assertion. Which characteristic of audit evidence is Noah concerned with?
• A : Sufficiency
• B : Appropriateness
• C : Reliability
• D : Relevance
Homework Answers
Answer:
D: Relevance
"Relevance" is the feature of audit evidence that reflects the connection between audit evidence and the assertion. So,Noah is concerned with "relevance".
What others are related to:
A.Sufficiency = considers the quantity of audit evidence.
B.Appropriateness = considers audit evidence's reliability and relevance.
D.Reliability = related to the authenticity of audit evidences.
Add Answer to:
5. Lucas Roberts is auditing the accounts receivable of Smithway
Marina. Lucas is trying to ensure...
Noah Piel is auditing the notes payable of Chesterton Bakery. Noah is trying to ensure he...
Noah Piel is auditing the notes payable of Chesterton Bakery. Noah is trying to ensure he obtains evidence provided by original documents rather than copies. Which characteristic of audit evidence is Noah concerned with? A : Sufficiency B : Reliability C : Appropriateness D : Relevance
Sikon & Spiros CPAs, was auditing D'Alessandro Industries, Inc. Sikon & Spiros sent positive accounts receivable...
Sikon & Spiros CPAs, was auditing D'Alessandro Industries, Inc. Sikon & Spiros sent positive accounts receivable confirmations to a number of D'Alessandro's government customers. They received a number of return confirmations marked "We do not confirm balances because we are on a voucher system." Required: a. List alternative procedures that Sikon & Spiros might use to ensure the validity of these accounts. b. Assuming all the procedures you list are viable optons for the D'Alessandro audit, which procedures do you...
auditing Part One: True / False Questions (2.5 marks/ question) 1. An aged trial balance of...
auditing
Part One: True / False Questions (2.5 marks/ question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of the allowance for uncollectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receivable. 3. The examination of warehouse receipts is sufficient verification of a material amount of goods stored in public warehouses. 4. The receiving department should accept only goods for which there is an approved...
auditing Part Two: Multiple Choice Questions: (2.5 marks/ question) 1. To test the existence assertion for...
auditing
Part Two: Multiple Choice Questions: (2.5 marks/ question) 1. To test the existence assertion for recorded receivables, an auditor would select a sample from the A) Sales orders file. B) Customer purchase orders C) Accounts receivable subsidiary ledger D) Shipping documents (bill of lading) file. 2. When control risk for the existence assertion is assessed at a high level, which of the Gallerine is a likely effect with respect to the auditors' confirmation of receivables? A) The account balances...
Part One: True/False Questions (2.5 marks / question) 1. An aged trial balance of accounts receivable...
Part One: True/False Questions (2.5 marks / question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of th allowance for uncollectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receivable. 3. The examination of warehouse receipts is sufficient verification of a material amount of goods stored in public warehouses. 4. The receiving department should accept only goods for which there is an approved purchase order...
Simulation 5-46 (LO 5-1, 5-2,5-4) Auditors consider financial statement assertions to identify appropriate audit procedures. For...
Simulation 5-46 (LO 5-1, 5-2,5-4) Auditors consider financial statement assertions to identify appropriate audit procedures. For items a through f, match each assertion with the statement that most closely approximates its meaning. Each statement may be used only once. Statement Assertion a. Completeness b. Cutoff C. Existence and occurrence d. Presentation and disclosure e. Rights and obligations f. Valuation Auditors perform audit procedures to obtain audit evidence that will allow them to draw reasonable conclusions as to whether the client's...
QUESTION 5 Auditors inspecting a sample of accounts payable balances listed on the ledger and verifying...
QUESTION 5 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. completeness D. existence QUESTION 6 As per the COSO Framework, the operations objectives of internal control include ________. A. the safeguarding of assets against loss B. the adherence to laws and regulations C. reliability and timeliness D. timeliness and transparency QUESTION 7...
auditing Part One: True False Questions (2-5 mars/ question) 1. An aged trial balance of accounts...
auditing
Part One: True False Questions (2-5 mars/ question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of the allowance for collectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receivable. 3. The examination of warehouse receipts is sufficient verification of a material amount of goods stored in public warehouses The receiving department should accept only goods for which there is an approved purchase order...
1. Auditing includes the concept of materiality. Which of the following would be considered material? a)The...
1. Auditing includes the concept of materiality. Which of the following would be considered material? a)The auditor confirms accounts receivable and notices one company has not sent in the confirmation form b)The auditor discovers a $200 error in the inventory account balance of $500,000 c)The auditor discovers related-party transactions are not recorded d)The auditor notices the name of the new CEO, hired in January 20x2 is not included in the annual report for 20x1 2. Substantive procedures would include: a)Gathering...
matching QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees...
matching
QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees with the statement. Each term is used only once and each statement requires only one letter. Professional services where an auditor testifies as an expert witness Assurance services in accounting, auditing, or tax matters. • A list of audit procedures for testing accounts receivable. The auditor examines the effectiveness of organizations, programs, d. Performance Audit activities, or functions of an entity. e Compliance Audit...
auditing
Part One: True / False Questions (2.5 marks/ question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of the allowance for uncollectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receivable. 3. The examination of warehouse receipts is sufficient verification of a material amount of goods stored in public warehouses. 4. The receiving department should accept only goods for which there is an approved...
auditing
Part Two: Multiple Choice Questions: (2.5 marks/ question) 1. To test the existence assertion for recorded receivables, an auditor would select a sample from the A) Sales orders file. B) Customer purchase orders C) Accounts receivable subsidiary ledger D) Shipping documents (bill of lading) file. 2. When control risk for the existence assertion is assessed at a high level, which of the Gallerine is a likely effect with respect to the auditors' confirmation of receivables? A) The account balances...
Part One: True/False Questions (2.5 marks / question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of th allowance for uncollectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receivable. 3. The examination of warehouse receipts is sufficient verification of a material amount of goods stored in public warehouses. 4. The receiving department should accept only goods for which there is an approved purchase order...
Simulation 5-46 (LO 5-1, 5-2,5-4) Auditors consider financial statement assertions to identify appropriate audit procedures. For items a through f, match each assertion with the statement that most closely approximates its meaning. Each statement may be used only once. Statement Assertion a. Completeness b. Cutoff C. Existence and occurrence d. Presentation and disclosure e. Rights and obligations f. Valuation Auditors perform audit procedures to obtain audit evidence that will allow them to draw reasonable conclusions as to whether the client's...
auditing
Part One: True False Questions (2-5 mars/ question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of the allowance for collectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receivable. 3. The examination of warehouse receipts is sufficient verification of a material amount of goods stored in public warehouses The receiving department should accept only goods for which there is an approved purchase order...
matching
QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees with the statement. Each term is used only once and each statement requires only one letter. Professional services where an auditor testifies as an expert witness Assurance services in accounting, auditing, or tax matters. • A list of audit procedures for testing accounts receivable. The auditor examines the effectiveness of organizations, programs, d. Performance Audit activities, or functions of an entity. e Compliance Audit...
Most questions answered within 3 hours.
-
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 55 minutes ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 3 hours ago -
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 2 hours ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 1 hour ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 1 hour ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 2 hours ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 2 hours ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 3 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 3 hours ago -
we
convert sugars into another form of stored potential energy. This
is called?
asked 4 hours ago -
The manufacturers of Oriental Spice Sauce are concerned that the
sodium levels in their product vary...
asked 4 hours ago -
PLEASE DON'T ANSWER IF YOU CAN'T ANSWER ALL OF THE QUESTIONS. I
DESPERATELY NEED HELP
Consider...
asked 4 hours ago