10. The inspection of a vendor's invoice by the auditors is:  Select one: a.  Direct evidence about occurrence of a transaction b. Part of the client's accounting system c. Documentary evidence about occurrence of a transaction d. Physical evidence about occurrence of a transact

Q: The main objective of an audit is а. Maintaining books of accounts properly b. Presentation of true…

A: Audit is the process of checking, verifying and examining books of account and financial information…

Q: What tools do auditors use to verify the ending balances in the various accounts in the acquisition…

A: Auditors are professionals who are responsible for examining and evaluating the financial records…

Q: the auditor is planning to use accounts payable confirmations when auditing the client's accounts…

A: Accounts payable confirmations refer to a process used by auditors to verify the accuracy and…

Q: In the audit of accounts receivable, the most important emphasis should be on thea. Completeness…

A: The existence assertion is the assertion that liabilities, assets and shareholders capital balances…

Q: An audit trail is a step-by-step record by which accounting data can be traced to its source.…

A: Vouching refers to checking the business transactions with their respective source documents.

Q: Which of the following types of audit evidence can be considered the least reliable? a. Purchase…

A: Audit evidence is the data and information which is collected by an auditor by examining the…

Q: In auditing the client’s receivables, the auditor decided to select entries in the sales journal and…

A: Assertion of Existence: Assets or liabilities of the company exist at a given date, and recorded…

Q: Choose the Audit Objective: Choose the specific audit objective O

A: The verification of the accounts receivables and sales is one of the primarily tasks of the auditor…

Q: A system that traces the detailed transactions relating to any item in an accounting record could be…

A: Audit trails is a process which has the recording of all the trade related, accounting and all othe…

Q: What substantive analytical procedures might an auditor use to perform an analytical procedure for…

A: The accounts payable liability account in the company's financial statements represents the sum of…

Q: Which assertion is most likely being tested when an auditor vouches transactions from the sales…

A: In auditing and financial reporting, an assertion refers to a representation or statement made by…

Q: The auditor's assessment of the reliability and sufficiency of the information contained in the…

A: Audit test - The auditing Assess the reliability and sufficiency of the information contained in the…

Q: Which of the following audit procedures represent a substantive test of transaction that would…

A: Substantive test of transaction is the checking of the transaction with the supporting documents at…

Q: Which documents would an auditor most likely choose to examine closely to ascertain that all…

A: Option d. receiving reports is the answer

Q: An auditor reviews aged accounts receivable to assess likelihood of collection to support…

A: The aged account receivable is reviewed by the auditor that assess the posibility in order to…

Q: document that the auditor would test would mostly likely be the? A. Supplier Invoice B. Purchase…

A: To  verify whether all goods received by the company have been recorded appropriately, the source…

Q: The typical procedures performed to verify that the client has not omitted any amounts from the…

A: The answer is option (d.) [subsequent payments testing]

Q: What audit procedures are most likely to be used to verify accountsreceivable written off as…

A: Audit procedure:   Audit procedures are the processes, techniques, and methods that auditors perform…

Q: List two examples of audit evidence the auditor can use in supportof each of the following:a.…

A: Auditing: It is an independent process of inspection, verification, examination of financial…

Q: Discuss the meaning of the following terms and how they apply to auditing accounts receivable:…

A: The balance of money owed to a business for goods or services delivered or utilised but not yet paid…

Q: Which of the following types of audit evidence is the least persuasive? a. Bank statements obtained…

A: Audit evidence the information collected by the auditor on the basis of which the opinion on the…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.