Financial audit Q&A What is the file type of the customer confirmation that is related to the outstanding balance the client has?

Q: What tools do auditors use to verify the ending balances in the various accounts in the acquisition…

A: Auditors are professionals who are responsible for examining and evaluating the financial records…

Q: Which of the following is considered an assurance engagement? Bookkeeping Preparation Compilation…

A: The question is based on the concept of Auditing.

Q: What terms that must be included in the document prepared by the client

A: Engagement letter is the letter in which auditor defined the audit scope, its terms and other…

Q: Describe how the auditor documents the sales and despatch system for his audit file

A: The sale and dispatch system is the internal system of any entity for the distribution of the…

Q: How is Accounts Payable audited?

A: Accounts payable:   Accounts payable refers to the money payable by the company to outside entities…

Q: Auditing and Assurance Services T321 Which one of the following services provides a moderate level…

A: Auditing - Auditing is an independent examination of financial aspect of an entity when such an…

Q: Choose the Audit Objective: Choose the specific audit objective O

A: The verification of the accounts receivables and sales is one of the primarily tasks of the auditor…

Q: What is the parties reported by the auditor that are related to the results of the audit reports…

A: Audit is independent examination of financial statements of any company for the purpose of giving…

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: QUESTION 1 Observing the client's stocktake enables the auditor to establish that: O a. items…

A: Auditing is the examination of books of account and financial books of account in order to ensure…

Q: What is the audit assertion underlying the tracing procedure?

A: Tracing is the opposite of vouching. In vouching, process started with accounting records and flow…

Q: audit evidence would help you ascertain whether your selected journal entries were valid

A: Audit evidence is the affirmation received by the auditor in support of the items in the financial…

Q: Which assertion is most likely being tested when an auditor vouches transactions from the sales…

A: In auditing and financial reporting, an assertion refers to a representation or statement made by…

Q: What are the risks associated with auditing accounts payable? Can you explain the process of…

A: Introduction: Accounts payable (AP) is a general ledger account that represents a company's…

Q: To gather audit evidence related to accounts receivable, the client should mail the confirmation…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: What are the two main assurance level or engagements that auditors can perform for their clients…

A: When an auditor gives an assurance it means that the auditor is offering its opinion with regards to…

Q: document that the auditor would test would mostly likely be the? A. Supplier Invoice B. Purchase…

A: To  verify whether all goods received by the company have been recorded appropriately, the source…

Q: What should be the major emphasis in auditing the retainedearnings account? Explain your answer.

A: Given: The importance of the auditing of the retained earnings account.

Q: What is the audit assertion underlying the vouching procedure?

A: Assertions are the management representation. Assertions are the claims which management makes in…

Q: Financial audit Q&A What is the process used by auditors in conducting tests of control in testing…

A: Financial Audit: A financial audit is led to give an assessment of whether budget summaries are…

Q: In the process of obtaining audit evidence, the strongest audit evidence is inquiry, while the…

A: As per our protocol we provide solution to the one question only but as you have asked multiple…

Q: The audit documentation are the connecting link between the client's accounting records, financial…

A: Auditing is reviewing the financial statement of the company and giving an opinion on whether the…

Q: Which of the following can be used as a fundamental source of information in an audit? a. Money in…

A: Auditing is the verification of the accounts made by the accountant so that if any errors or fraud…

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: Financial audit Q&A What is the inspection activities to ensure the shipping or Destination Point in…

A:

Q: when auditing VAT payable account, what are the considerations that you need to remember and…

A: Auditing refers to the process of examining or inspecting the several books of accounts by an…

Q: stion7 An auditor is performing verifications to determine whether all purchases of the client for…

A: The auditor can use a verification procedure to confirm if the balance sheet shows a truthful and…

Q: Which type of evidence is considered more reliable a accounts receivable confirmation O minutes from…

A: Auditors are to verify the accounts of the company and validity of all financial statements.

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.