Cutoff tests designed to detect valid sales that occurred before the end of the year but have been recorded in the subsequent year would provide assurance about management’s assertion ofa. Presentation and disclosure.b. Completeness.c. Rights and obligations.d. Existence.

Q: of transactions and account balances. Determining the audit strategy occurs during which phase of…

A: Answer : b. Planning stage  In planning stage the audit staff collates the background information…

Q: Distinguish between two general types of subsequent events and explain how they are differed

A: Events that occur after the year end period but before the financial statements are produced are…

Q: The auditor generally decides whether the inventory count can be taken before year-end primarily on…

A: AUDIT REFERS TO INDEPENDENT EXAMINATION OF FINANCIAL ACCOUNTS WEATHER PROFIT ORIENTED OR NOT TO…

Q: Asap Operational auditing has grown in importance over the last few decades a . Define operational…

A: Auditing - The term audit comes from the Latin word "audire," which means "to hear." Account…

Q: type of audit tests

A: Option B is wrong because analytical procedure is the audit procedure that compares the amount of…

Q: Should auditors give assurance on the MD&A or other information in annual reports such as Non-GAAP,…

A: Introduction : Auditing is defined as a procedure carried out by a firm to assess the correctness…

Q: The auditor noticed that the financ statements of XYZ Company were some footnotes important for…

A: Accounting Concept  are basic assumption,rules or principleyhat are mandatory and followed by a…

Q: Audit plan is always prepared after conducting: a. Interview of employees b. Review of financial…

A: Audit plan refers to plan of nature, time, and extent of conducting an audit to obtain sufficient…

Q: When a company's financial statements are audited, the principal element an auditor reviews is the…

A: Audit is the process of verifying and examining the authenticity and accuracy of financial…

Q: Audit Procedures for Marketing and Advertising Expenses   Auditing marketing and advertising…

A: Audit is a process which ensures that the firm's expenses and financial statements strictly comply…

Q: 8. An auditor should be aware of subsequent event that provide evidence concerning conditions that…

A: There are two question and both are separate, as per the guidelines first question has been answered…

Q: auditor’s written management representation

A: Option A is wrong because written representations are not made for cost-benefit justification.…

Q: How many the specific audit tests for the Sales & Revenue Cycle?

A: Sales & Revenue Cycle: This cycle  is made up of  various classes of transactions with respect…

Q: The evaluation phase of the audit is referred to as ..................................? a. Entrance…

A: Audit refers to the inspection of financial records and statement of an organization. It is…

Q: Statement 1: Common to future purchase commitments is the fact that they should be recorded as…

A: Audit refers to inspection or examination of the financial statements of the company through auditor…

Q: Which of the following BEST (select one) describes why auditing can be viewed as a continuous…

A: Auditing is a critical process that helps companies ensure that their financial statements and…

Q: Give examples of substantive proceduresin the production cycle and relate themto assertions about…

A: Substantive Procedures are an activities performed by an auditor to detect and disclose any kind of…

Q: auditor assessed the preliminary a

A: If the internal controls are of higher quality then auditor does not have to perform extensive test.

Q: To determine the client’s planned amount and timing of production of a product, the auditor reviews…

A: The process that accounts the conversion of raw materials to work-in-progress to finished goods…

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

A:

Q: If an analytical procedure performed, identify fluctuations or relationships that are inconsistent…

A: If an analytical procedure performed, identify fluctuations or relationships that are inconsistent…

Q: What  analytical procedures can be use in the planning phase of an audit  to identify significant…

A: Analytical procedures - Analytical procedures are those audit processes that helps auditor in…

Q: Auditors have a responsibility related to management’s disclosure of new informationrelated to…

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: Operational auditing has grown in importance over the last few decades.   a. Define operational…

A: Introduction: An operational audit is a process for analyzing a company's daily and larger operating…

Q: The following Specific Balance Related Audit Objective-Sales Cutoff at year-end is proper- isrelated…

A: Answer:   Option A

Q: (7) ( ) When the auditor want to know the change of cost-allocated method of several products, which…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The practice of auditing firms to spread work throughout the year by carrying out as many auditing…

A: Audit is the process by which the auditors verify the financial statements of the company and makes…

Q: Cut -off procedures : Select one : O acan be tested at any point in the audit. O bcan only be tested…

A: Auditing is the evaluation of the financial statement for their correctness and effectiveness. The…

Q: Henrietta Lombardi assessed control risk to be low. What is the appropriate audit strategy she…

A: Correct option is C) combined Audit strategy

Q: An auditor completes a trend analysis to compare net income from the past three years, looking for…

A: The purpose of an audit is to verify whether the financial statements are free from material…

Q: statement would appear in the:   a. Engagement letter.

A: The right answer is option c.  Management representation letter.

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.