Answered: 9. A working paper should contain,…

9. A working paper should contain, except:* A. Client's name B. Balance sheet date for real accounts C.Tick marks for audit procedures applied D. Appropriate cross-referencing E. None of them

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: An auditor's techniques for examining the balance sheet's accounts receivable account are most…

A: Answer: Concept Balance sheet are the financials of the company. They are expected to be true and…

Q: Management accounting information

A: Management accounting information is the information generated within the entity for the use of…

Q: Accounting information systems are: A. Record, process, and output information. B. Always…

A: Accounting refers to the process of recording the financial transactions of a business. Accounting…

Q: From an IT audit perspective, Business Continuity Plan (BCP) completeness reflects the current state…

A: Evaluating a Business Continuity Plan's (BCP) completeness is a crucial component of an IT audit.…

Q: Substantive procedure does not involve in: Checking the operating effectiveness of internal control…

A: Substantive procedure: Substantive procedures are audit procedures performed to detect misstatement…

Q: tests involved in obtaining evidential matter on item

A: Option a is wrong because test of control is an audit procedure to check whether internal control is…

Q: Indicate the primary audit objective for the following audit procedure: Foot the accounts payable…

A: Audit refers to the examination or auditing of the financial statements (FS) namely income statement…

Q: What is the purpose of a double-line rule in a balance sheet? O to show a balance sheet was checked…

A: In accounting, a grand total is generally denoted by double underlining. The conclusion of that…

Q: s1: The tick marks are usually placed after an amount, s2: The legend to identify the audit…

A: Ans. While auditing an auditor ticks the amount.

Q: involves checking the mathematical accuracy of documents.

A: Inquiry :- Inquiry means written or oral responses made by the management. Analytical Procedure:…

Q: Which of the following is a category of audit documentation? * Current file Permanent file O Audit…

A: Audit documentation: It is the record of procedure performed, relevant audit documents obtained and…

Q: What of the following is not a step in the general ledger and financial reporting cycle? a. Prepare…

A: The accounting cycle is a set of procedures or processes used by firms to record, categorize, and…

Q: ________________involves checking the arithmetical accuracy of a source of document and accounting…

A: Audit evidence is the information and data so collected by the auditor in order to obtain the…

Q: how would management know if the calculations were entered incorrectly in any kind of reporting?

A: Accounting errors are inadvertent errors in accounting entries. When an error or mistake is…

Q: 3.Ledger or posting contributes to the recording process because it discloses the complete effect of…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Spreadsheet software would be most useful for which of the following audit activities?a. Testing…

Q: Structured form or document used to collect and analyze data, often done real time where the data…

A: Audit point sheet - These sheets are used to document potential audit findings. This sheets are…

Q: After analyzing transactions, the next step would be to post the transactions in the ledger. True…

A: Posting of transactions in the ledger can be done after their recording the journal.

Q: Suggest five reasons why there might be a difference between the balance on the payables ledger…

A: Before reaching the difference between two , firstly we have to understand the meaning of the…

Q: 4-What do you understand by confirmation in the context of audit procedure for obtaining audit…

A: Introduction:- Auditing may be defined as examination or inspection of books of accounts of any…

Q: From the internal parties that the system deals with Accounting information *

A: Basically internal information can be accessed only by the internal users of an organisation. People…

Q: When processing controls within the accounting information system may not leave visible evidence…

A: When processing controls within the accounting information system may not leave visible evidence…

Q: Which of the following statements is associated with analytical procedure test? a. It helps to…

A: Analytical procedures involve comparisons of recorded amounts, or ratios developed from recorded…

Q: The following are specific balance-related audit objectives applied to the audit of accounts…

A: The first specific related objective deals with the amounts which must not be involved in the…

Q: What operating or financial data appears on more than one statement? Is there a specific…

A: Financial Statement:- These are statements prepared at the end of the financial year to know the…

Q: The audit working paper that reflects the major components of an amount reported in the financial…

A: An entity's financial records, statements, and other financial information are examined as part of…

Q: is a report generated from the general ledger and cannot be produced independently. 12. The

A: The journal entries are prepared to record day to day transactions on regular basis. The ledger…

Q: b. Existence and completeness objectives. c. Existence, realisable-value and accuracy o

A: The right answer is c. Existence, realizable-value and accuracy objectives.

Q: Financial audit Q&A What is the file type of the customer confirmation that is related to the…

Q: 1.63 Management Assertions. Your audit manager has asked you to explain the PCAOB assertions by…

A: When an auditor wants an audit of a financial statement, the most important concern is to verify…

Q: a. A collection of accounts and account balances is referred to as a(n) b. A(n) , such as a bank…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Understand the reporting of accounting changes and errors.

A: Accounting Changes and Errors: Meaning: Error Correction and Accounting changes are guidance that…

Q: The standard uniquified audit report Select one: a. is sometimes called a disclaimer report b. can…

A: THE STANDARD UNQUALIFIED AUDIT REPORT IS SOMETIMES CALLED A CLEAN OPINION .

Concept explainers

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.

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Audit procedures for items of Financial Statement

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

1-From the options given below which of the document is included by an auditor in the audit documentation? a. Oral explanation by auditor b. Complete notes c. Superseded draft of financial statements d. Previous copies of documents rectified for mistakes
A(n) ________ is the detailed instruction that explains the audit evidence to be obtained during the audit Select one: a. audit program b. audit procedure c. audit assertion d. audit objective
Explain how REA database are able to support financial statement reporting when they do not employ journals and ledgers.
Which of the following will not be found in the ledger? a. Description b. J.F c. Balance d. Date
What is the purpose of a double-line rule in a balance sheet? O to show a balance sheet was checked by a manager O to show that the columns need to be totaled O to verify that all transactions have been listed O to show that totals have been verified
Which of the following is not one of the general ledger and reporting activities? A. Updating the general ledger by posting entries from the accounting subsystems and treasurer B. Posting adjusting entries to the general ledger C. Preparation of managerial reports D. Recording entries in general journal
The audit documentation are the connecting link between the client's accounting records, financial statements, and the auditor's report. TRUE OR FALSE? WHY?
Which of the following can be used as a fundamental source of information in an audit? a. Money in the safe b. Oral testimony of the person responsible for accounting c. An e-mail from a supplier d. None e. Income statement
In a common-size analysis, the auditor compares account balances with a single line item. In a balance sheet, this line item is generally current assets. O total equity. O total liabilities. O total assets.
Generally, test of details of transactions is used when account balances are affected by large volumes of relatively immaterial transactions. TRUE OR FALSE? WHY?
Provide two examples of errors that can be made in accounting transactions. In addition, discuss how these errors are "fixed."
Which of the following is an example of "other information" that could be used by an auditor as evidential matter supporting the financial statements? Worksheets supporting cost allocations. Accounting manuals. Special journals. Confirmation of accounts receivable.