3. In the audit of loans payable, which of the following audit procedure would be most likely performed to validate the existence assertion?
3. In the audit of loans payable, which of the following audit procedure would be most likely performed to validate the existence assertion?
Group of answer choices
a. Review loan contracts
b. Sending loan confirmations
c. Vouching of subsequent payments of loans
d. Performing analytical procedures
4. You are auditing the December 31, 2021, accounts payable balance of one of your firm’s divisions. The division controller’s office has provided you with a schedule listing the creditors and the amount owed to each at December 31, 2021. Which of the following
Group of answer choices
a. Send confirmation requests to a randomly selected sample of creditors listed on the schedule
b. Examine support for selected 2022 payments to creditors, ascertaining that those relating to 2022 are not on the schedule.
c. Send confirmation requests to creditors that are listed on the schedule but not listed on the corresponding December 31, 2020, schedule.
d. Examine support for selected 2022 payments to creditors, ascertaining that those relating to 2021 are on this schedule.
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