For each of the procedures described in the table below, identify the audit procedure performed and classification of the audit procedure using the following: (Each of the "Audit Procedures" and "Classification of Audit Procedure" may be used once, more than once, or not at all.) Audit Procedures: Classification of Audit Procedure: (1) Analytical procedure (9) Substantive procedures (2) Confirmation (10) Test of controls (3) Inquiry (4) Inspection of records or documents (5) Inspection of tangible assets (6) Observation (7) Recalculation (8) Reperformance For each of the procedures described in the table below, identify the audit procedure performed and classification of the audit procedure using the following: (Each of the "Audit Procedures" and "Classification of Audit Procedure" may be used once, more than once, or not at all.) Audit Procedures: Classification of Audit Procedure: (1) Analytical procedure (9) Substantive procedures (2) Confirmation (10) Test of controls (3) Inquiry (4) Inspection of records or documents (5) Inspection of tangible assets (6) Observation (7) Recalculation (8) Reperformance a. requested response directly from customers as to amounts due b . cmpared total bad debts this year with total for the previous two years c. questioned management about likely total uncollectible debt d. watched the accounting clerk record the daily deposit of cash receipts e. examined invoice to obtain evidence in support of the ending recorded balance of a customer f. compared a sample of sales invoice to credit files to determine whether the customers were on the approved customer list g. examined a sample of sales invoice to see if they were intialized by the credit manager indicating credit approval
For each of the procedures described in the table below, identify the audit procedure performed and classification of the audit procedure using the following: (Each of the "Audit Procedures" and "Classification of Audit Procedure" may be used once, more than once, or not at all.) Audit Procedures: Classification of Audit Procedure: (1) Analytical procedure (9) Substantive procedures (2) Confirmation (10) Test of controls (3) Inquiry (4) Inspection of records or documents (5) Inspection of tangible assets (6) Observation (7) Recalculation (8) Reperformance For each of the procedures described in the table below, identify the audit procedure performed and classification of the audit procedure using the following: (Each of the "Audit Procedures" and "Classification of Audit Procedure" may be used once, more than once, or not at all.) Audit Procedures: Classification of Audit Procedure: (1) Analytical procedure (9) Substantive procedures (2) Confirmation (10) Test of controls (3) Inquiry (4) Inspection of records or documents (5) Inspection of tangible assets (6) Observation (7) Recalculation (8) Reperformance a. requested response directly from customers as to amounts due b . cmpared total bad debts this year with total for the previous two years c. questioned management about likely total uncollectible debt d. watched the accounting clerk record the daily deposit of cash receipts e. examined invoice to obtain evidence in support of the ending recorded balance of a customer f. compared a sample of sales invoice to credit files to determine whether the customers were on the approved customer list g. examined a sample of sales invoice to see if they were intialized by the credit manager indicating credit approval
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
For each of the procedures described in the table below, identify the audit procedure performed and classification of the audit procedure using the following: (Each of the "
| Audit Procedures: | Classification of Audit Procedure: | ||
|---|---|---|---|
| (1) | Analytical procedure | (9) | Substantive procedures |
| (2) | Confirmation | (10) | Test of controls |
| (3) | Inquiry | ||
| (4) | Inspection of records or documents | ||
| (5) | Inspection of tangible assets | ||
| (6) | Observation | ||
| (7) | Recalculation | ||
| (8) | Reperformance |
For each of the procedures described in the table below, identify the audit procedure performed and classification of the audit procedure using the following: (Each of the "Audit Procedures" and "Classification of Audit Procedure" may be used once, more than once, or not at all.)
| Audit Procedures: | Classification of Audit Procedure: | ||
|---|---|---|---|
| (1) | Analytical procedure | (9) | Substantive procedures |
| (2) | Confirmation | (10) | Test of controls |
| (3) | Inquiry | ||
| (4) | Inspection of records or documents | ||
| (5) | Inspection of tangible assets | ||
| (6) | Observation | ||
| (7) | Recalculation | ||
| (8) | Reperformance |
a. requested response directly from customers as to amounts due
b . cmpared total bad debts this year with total for the previous two years
c. questioned management about likely total uncollectible debt
d. watched the accounting clerk record the daily deposit of cash receipts
e. examined invoice to obtain evidence in support of the ending recorded balance of a customer
f. compared a sample of sales invoice to credit files to determine whether the customers were on the approved customer list
g. examined a sample of sales invoice to see if they were intialized by the credit manager indicating credit approval
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