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

Q: Which of the following is desirable in a good system of i

A: Internal accounting controls cover a wide range of topics, including division of roles,…

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: 10. The inspection of a vendor's invoice by the auditors is:  Select one: a.  Direct evidence…

A: Solution:- Introduction:- An auditor is a person elected by the organizations performing audit of…

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: involves checking the mathematical accuracy of documents.

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

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: ________________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: An audit trail enables a person to trace a source document to its ultimate effect on the financial…

A: Audit trails are manual or electronic records that are chronologically defined events to provide…

Q: Which of the following statements is not correct? O A trial balance would help in detecting an error…

A: The correct sequence of the recording process is: analyzing, journalizing, and then posting to the…

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: Which of the following is false? Select one: a. Recording transactions in separate special…

A: Special journals are used to record financial transactions relating to specific accounts in separate…

Q: Explain how management assertions, general balance-relatedaudit objectives, and specific…

A: Management assertions are implied representations by management about classes, of transactions and…

Q: A subsidiary ledger is a _________ . a. listing of the components of control account balances b.…

A: Solution: A general ledger have the balances for each asset, liability, and equity account. A…

Q: The following are included in the audit working paper current file. * A. Chart of accounts, audit…

A: Answer: Concept: Audit working paper file is prepared during the start to the end of the audit. It…

Q: Which of the following is NOT a general control?* a. Backup of live data b. Use of passwords c.…

A: For data protection and IT security, various types of internal controls is implemented by the…

Q: Which of the following is not transferred from the journal to the ledger in the posting process?…

A: Journal- it is the book of prime entry in which day to day transactions are recorded when they…

Q: Which is not a Risk Assessment Procedure? a. Ratio Analysis b. Observation of Activities c. Account…

A: Risk assessment procedures are one of the tools used in the audit which are used to ascertain the…

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: Which one of the following statements is most appropriate to Control risk? Susceptibility of account…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: an audit firm is giving advice on accounting or control systems and helping the client with…

A: In the given case option C is correct.. Since it is neither a intimidation Threat nor a self review…

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: How to ensure that overstatement as well as misstatements of account balances due to redundancy and…

A: Overstatement of account balances means reporting the account balances at an amount above the actual…

Q: describe accounting warning signs and methods for detecting manipulation of informationin fi nancial…

A: Accounting warning signs are the indication that the financial statements are going to manipulation…

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

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

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: An item or information is said to be material if misstatement of which can influence the ___ a.…

A: A material misstatements refers to an incorrect information depicted on the financial statements.…

Q: Which of the following is often called a compensating control?a. transaction authorizationb.…

A: The compensating control is referred to as a type of control that is meant for reducing attacks and…

Q: Which of the following is an example of "other information" that could be used by an auditor as…

A: Confirmation of accounts receivable is an example of "other information" that could be used by an…

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.