Below are five audit procedures, all of which are tests of transactions associated with the audit of the acquisition and payment cycle. Also below are the six general transaction-related audit objectives and the five management assertions. For each audit procedure, indicate (1) its audit objective, and (2) the management assertion being tested. Audit Objectives: A. Occurrence B. Completeness C. Accuracy D. Posting and Summarization E. Classification F. Timing Management Assertions: V. Occurrence W. Completeness X. Accuracy Y. Classification Z. Cutoff Audit Procedures 1. Foot the purchases journal and trace the totals to the related general ledger accounts. __________________ ______________________ 2. Recompute the cash discounts taken by the client. _____________________ _________________________ 3. Compare dates on cancelled checks with the bank cancellation date. _________________ __________________________ 4. Trace from a sample of cancelled checks to the cash disbursements journal. ___________________ ____________________ 5. Examine supporting documentation for a sample of transactions for authorize payee and amount and to determine services or goods were received. _______ __________
Below are five
Audit Objectives:
A. Occurrence
B. Completeness
C. Accuracy
D. Posting and Summarization
E. Classification
F. Timing
Management Assertions:
V. Occurrence
W. Completeness
X. Accuracy
Y. Classification
Z. Cutoff
Audit Procedures
1. Foot the purchases journal and trace the totals to the related general ledger accounts. __________________ ______________________
2. Recompute the cash discounts taken by the client. _____________________ _________________________
3. Compare dates on cancelled checks with the bank cancellation date. _________________ __________________________
4. Trace from a sample of cancelled checks to the cash disbursements journal. ___________________ ____________________
5. Examine supporting documentation for a sample of transactions for authorize payee and amount and to determine services or goods were received. _______ __________

Trending now
This is a popular solution!
Step by step
Solved in 2 steps









