Confirmation of individual accounts receivable balances directly with debtors will, of itself, normally provide the strongest evidence concerning thea. Collectability of the balances confirmed.b. Ownership of the balances confirmed.c. Existence of the balances confirmed.d. Internal control over balances confirmed.

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: Confirmations of bank accounts may help the auditor to determine if material amounts of accounts…

A: An auditor is a professional, frequently an independent third party, who examines and verifies…

Q: MENT 2: The process of analyzing subsidiary ledger acounts of accounts receivable to ine those…

A: Answer: Concept: Audit is performed with proper verification and compliance tests.

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: Expalin wether the tools used in the financial statement audit are employed in a fraud examination.

A: The tools used in a financial statement audit and a fraud examination share some similarities but…

Q: Analyze the risks associated with auditing accounts payable. Explain the process of auditing…

A: Auditing refers to the procedure of examining or investigation of the financial statements of the…

Q: financ cial recor... Auditors while examining the financial records must follow:

A: International standards on auditing (ISA) are used by auditors as a guiding tool in the process of…

Q: For each procedure, indicate the primary audit objective being satisfied: Trace entries from cash…

A: The primary objective of an audit is to check and confirm that all financial information is…

Q: Complete the following chart indicating the corresponding Auditing Standards Board assertions and…

A: Auditing assertions are statements made by management regarding financial statement components,…

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: 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: We discussed the difference between a) tracing a sample of transactions from the source documents to…

A: Source documents refer to the original records or materials that provide evidence of a business…

Q: the susceptibility of an account balance or class of transactions to misstatements that could be…

A: Internal controls: Internal controls are maintained to decline the possibility of fraud. They ensure…

Q: MOST likely to be performed before the balance sheet date? a. Determine the date of the Letter of…

A: Auditing is independent examination of financial statements to express an opinion on the financial…

Q: How do auditors interact with third parties to gain audit evidence when auditing debt and equity?…

A: Introduction: An auditor is someone who is authorized to review and verify the accuracy of bank…

Q: Evidence comes in various types and has different degrees of reliability. Below are some pairs of…

A: The auditors are professional who possesses accounting, auditing, and taxation expertise. The…

Q: A. The existence of loans. B. The completeness of loans. C. Related disclosures pertaining to…

A: Assertions are claims made by the management of the company which are further verified by the…

Q: Match each example audit procedure with its correct general audit objective related to accounts…

A: A) Existence of assets: This refers to the verification of whether assets recorded in the financial…

Q: Confirmations of individual account receivable balances direct with debtors will normally provide…

A: Direct party confirmations are part of audit procedure while gathering audit evidence regarding…

Q: In substantive procedures, why is the emphasis on the completeness assertion for liabilities instead…

A: Substantive procedures are the activities performed to ensure that there is no material misstatement…

Q: Once risks are identified, auditors assess the risk of material misstatement at the _______ level…

A: Solution: Once risks are identified, auditors assess the risk of material misstatement at the…

Q: Assertion: Existence of accounts receivable Which of the following represents the substantive…

A: Audit procedureMethods and techniques used by the auditor to gather the appropriate evidence so that…

Q: Question 15 Confirmations of individual accounts receivables balances directly with debtors will…

A: Accounts Receivables - Accounts Receivables are the customers who bought the goods on credit.

Q: During the review of loan contracts and agreements, the auditor would most likely figure out the…

A: Answer: The responsibility of auditor is to test the assertions with respect to the financials…

Q: The most probable audit processes to verify receivables written off as uncollectible include Explain…

A: Procedure for auditing: Audit procedures are the processes, strategies, and methods used by auditors…

Q: A typical substantive procedure for receivable balance and sales transactions may include…

A: Specifically disclosed in noes to accounts also , in income statements

Q: audit objectives is usually more important

A: Audit of existence is the process of ensuring whether the accounts payable balance in the ledger…

Q: An audit plan containsa. Specifications of audit standards relevant to the financial statements…

A: Answer: b. Specifications of procedures the auditors believe appropriate for the financial…

Q: which of the following account will be least likely involved in the purhasing sub-process of the…

A: Purchasing of transaction involves checking at various stages such as receiving the goods and…

Q: 3. An auditor should perform alternative procedures to substantiate the existence of accounts…

A: Answer:-  Account receivable meaning:- The amount owned to a business for goods or services that…

Q: Analytical procedures are generally used to produce evidence froma. Confirmations mailed directly to…

A:

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…

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.