Give five (5) substantive audit procedure in the audit of revenue cycle and identify the relevant assertions affected. What are the source documents needed? Discuss

Q: As an auditor, how would you audit the following Internal Control Revenue

A: Answer: Auditor is the person who audits the financial statement to present independent opinion. The…

Q: Elements of an auditor's report? The most important component

A: The auditors report is very important for the company as well as the investor . Auditor  report…

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

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

Q: tanley Department Stores reported net income of $720,000 for the year ende dditional Information:…

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Q: Which of the following accounts would most likely be audited in connection with a related…

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Q: 10. The inspection of a vendor's invoice by the auditors is:  Select one: a.  Direct evidence…

A: Solution:- Introduction:- An auditor is a person elected by the organizations performing audit of…

Q: In the audit of accounts receivable, the most important emphasis should be on thea. Completeness…

A: The existence assertion is the assertion that liabilities, assets and shareholders capital balances…

Q: Explain the basic processes involved in documenting revenue transactions as a part of the audit on…

A: Revenue is the income a company earns from the sale of goods or services. It is the amount of money…

Q: It is 1 July 2022. Fansifist Sdn Bhd manufactures and sells a variety of food for dogs and cats.…

A: Substantive procedures refer to the detailed audit…

Q: Ultimately, is the purpose of an audit trail to follow a transaction from its input through its…

A: Transaction Process System: Transaction process system can be defined as a system designed to…

Q: Describe TWO audit procedures that would provide evidence over the completeness of revenue.

A: Audit: Audit is the process of verification of the compliance of the financial statements.

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A: Audit trails is a process which has the recording of all the trade related, accounting and all othe…

Q: What is the purpose of analytical reviews in the audit of revenue cycle accounts? Please give an…

A: An analytical review is used by auditors to assess the reasonableness of account balances. A CPA…

Q: Why do auditors focus on revenue as a significant account and the occurrence of revenue as a…

A: Revenue cycle records all the transactions that originate from selling a product and lead to…

Q: What are the audit procedures for subsequent events and give examples

A: Subsequent event is defined as the occasion which occurred after the reporting duration but before…

Q: discuss the process of auditing the following: • Inventories • Revenues • Segment Reporting

A: Auditing is defined as the on-site verification activity of a process or quality system, such as…

Q: What should be included for the Auditor's address?

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Q: Which of the following plays an important role in all field audits? Adjustments. Verification of…

A: Field auditing is like a real-world investigation of financial or operational records. It's when…

Q: The auditor's assessment of the reliability and sufficiency of the information contained in the…

A: Audit test - The auditing Assess the reliability and sufficiency of the information contained in the…

Q: The final outcome of an audit process is a/an _______________ a. Audit report b. Profit or loss c.…

A: The audit is a process of analyzing the reports of business.

Q: Explain the types of auditor’s reports.

A: Auditor's report refers to assessment that provides auditor's opinion on the validity and…

Q: Explain the types of auditor’s report.

A: Auditor's report refers to assessment that provides auditor's opinion on the validity and…

Q: lassify information (1-5) according to its nature (e.g., physical, oral, documentary or evidence…

A: solution concept let us understand the type of information by its nature Physical The…

Q: List the revenue cycle audit objectives derived from the “existence or occurrence” management…

A: Assertion: management asserts that the information provided by them is complete , exist , correctly…

Q: Explain FIVE differences between a financial statement and an internal audit engagement

A: Financial Statement Financial Statement is refer as the statement which shows the financial position…

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Q: Please discuss the audit process focusing on the concept of materiality in the audit plan,…

A: The audit process means the process of audit engagement performed by the audit firm or…

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: Please outline the audit process, concentrating on the notion of materiality in the audit plan,…

A: The audit process refers to examining a client's financial records by an auditing company or…

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.