In a manufacturing company which one of the following audit procedures would give the  least assurance of the existence of the assets in the general ledger balance of investment in stocks and bonds at the audit date?     Examination of paid checks issued in payment of securities purchased.     Vouching all changes during the year to brokers' advises and statements.     Confirmation from the broker.     Inspection of year-end brokers' statements.

Q: Which financial item of a bank is audited when the auditor pays particular attention to establishing…

A: During the audit, auditor should perform procedures to obatian reasonable assurance about the item…

Q: In connection with the audit of an issue of long-term bonds payable, the audit team shoulda.…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

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: The subsequent period in an audit is the time extending from the balance sheet date to the date of…

A:

Q: Send letters to a sample of accounts receivable customers to verify whether they have an outstanding…

A: Audit Objective: Existence and CompletenessSpecific Audit Objective: To verify the existence and…

Q: Which of these techniques would be appropriate for obtaining evidence about existence?

A: All the data that the auditor uses to draw the findings that form the basis of the audit opinion is…

Q: During the audit of Albert Eistein, what relevant assertion should be used to record loans…

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

Q: From the following statements, identify the statement/s that will not participate in the audit of an…

A: Bank Reconciliation Statement The purpose of preparing the bank reconciliation statement to know the…

Q: When an auditor sends out bank confirmations at the year-end audit, they are performing a(n) O…

A:

Q: Attached is an audit working paper prepared by a new staff auditor based on his testing of a…

A: Auditor while performing his duties for conducting an audit prepares some documents, file work and…

Q: In auditing for unrecorded long-term bonds payable, an audit team most likely willa. Perform…

A: Long term bonds allude to the longest development bond offering from the U.S. Depository. It can…

Q: You were assigned to audit the bond investments of JIHUZ company. The company maintains the records…

A: Physical count is audit procedures to collect audit evidence. Physical count is important audit…

Q: You have asked that a person from ABCcompany should accompany you during the count. Why is this…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: Which of the following audit procedures is least effective for detecting unrecorded long-term debt…

A: Lets understand the basics. Management needs to perform an audit procedure in order to express an…

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: In testing the valuation of the company's quoted investments in stocks measured at fair value, the…

A: Note: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered…

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: all statements are true B. all statements are false C. S1 and S2 are true D. S1 and S3 are true

A: Correct option : B

Q: During the auditor's risk assessment procedures, a meeting was held together with the company's…

A: Assertion: For financial records and disclosures to be accurate and suitable, assertions must be…

Q: Which of the following are audit evidences? a) Inspecting non-current/fixed assets b) An item of…

A: Audit Evidence: It refers to the information that the auditor uses in arriving at a conclusion on…

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 responsible for searching for fraud while reviewing a public companys quarterly financial…

A: Answer: No an auditor is not responsible for searching for fraud while reviewing a public company.

Q: To determine that all transactions relating to long-term debts are properly recorded, the auditor…

A: Long-Term Debt: Long-term liabilities, often known as long-term debts, are obligations owed by a…

Q: An auditor's primary substantive procedures for investments typically include inspection of…

A: Answer: As per Q/A guidelines, first question has been answered. Assertions are the basic terms that…

Q: The auditors have determined that each of the following objectives will be a part of the audit of…

A: The audit of different items contained in the financial statements through appropriate audit…

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: Describe the audit procedures you would use to learn about each of the situations listed. Begin…

A: Audit procedures are procedures adopted by auditors to obtain sufficient and appropriate audit…

Q: You are assigned to audit Ignation Inc. for the year ended June 30, 2022. Prior to any adjustments,…

A: Aging of accounts receivable: The aging of accounts receivable is the balance sheet method of…

Q: An auditor is likely to perform each of the below procedures to obtain evidence regarding the…

A: Audit  Contrary to unfavorable opinions, scope restrictions or the presence of significant…

Q: will not participate in the audit

A: The scope of audit include verification of books and accounts to ensure they are free from material…

Q: The auditor is MOST likely to learn of retirements of equipment through which of the following? a.…

A: An equipment audit eliminates the possibility of a customer showing up for pick-up only to discover…

Q: Which of the following conditions identified during the audit increases the risk of employee…

A: An entity's financial records, statements, and other financial information are examined as part of…

Q: You are the audit team assign to audit the unaudited set of financial statements for XYZ Company…

A: Audit Procedures Audit procedures are a set of stages, processes, and methods used by auditors to…

Q: Working papers document the audit evidence collected by the auditors during the financial statement…

A: A lead schedule is a working paper or document used in the field of auditing to summarize and detail…

Q: You are the audit team assign to audit the unaudited set of financial statements for XYZ Company…

A: Audit procedure refers to the method or way of collecting as well as analysing the data for…

Q: The following are specific balance-related audit objectives applied to the audit of accounts…

A: The first specific related objective deals with the amounts which must not be involved in the…

Q: In performing risk assessment procedures for investments, an auditor may inquire of the client…

A: Risk Management: Risk assessment is a term used to describe the overall process or method where you:…

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.