Answered: In a test of controls, auditors may…

In a test of controls, auditors may trace receiving reports to vouchers recorded in the voucher register. This is a test fora. Occurrence.b. Completeness.c. Classification.d. Cutoff.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Evaluating data reliability is a critical part of the audit process. Explain the differences among…

A: Reliability of data in an audit environment refers to the extent to which the data are usable for…

Q: The risk of material misstatement is composed of which audit risk components?a. Inherent risk and…

A: Audit risk: It is the probability that in the materially misrepresented financial statements, the…

Q: Explain what lapping means, and discuss the internal control deficiency that allows it discuss the…

A: Lapping: It is a type of cash embezzlement or fraud perpetrated by a firm employee. When cash is…

Q: In the consideration of internal control, the operating effectiveness of controls is tested by:…

A: internal controls - internal controls are the policies and procedures laid down by the management…

Q: Which internal control principle prescribes the use of pre- numbered printed checks? Multiple Choice…

A: Internal control are rules and policies followed by a business to protect its assets and prevent…

Q: 6. Input validation checks (application controls) are applied to every bill…

A: Management assertions are made by members of the management. In order to rely on these claims, the…

Q: All the supporting documents such as PO, vendor's invoice are attached to the voucher" is one of the…

A: True, All the supporting documents such as PO, vendor's invoice are attached to the voucher" is one…

Q: Evaluating data reliability is a critical part of the audit process. Explain the differences among…

A: Answer:- Audit:- The systematic review of a company's financial statements is known as an audit. An…

Q: Transactions need to be classified appropriately. This internal control objective relates to all of…

A: Internal control objectives are desired goals or conditions which we want a system to satisfy. The…

Q: Procedure (b) Audit (а) Туре of Objective Test Example: Compare the quantity and description of…

A: An audit of financial statements is an examination conducted by an independent auditor on the…

Q: Which of the following automated application controls would offer reasonable assurancethat inventory…

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: Further audit procedures include: Risk assessment procedures Tests of controls A. B. فن فة Yes Yes…

A: The objective of the question is to determine whether risk assessment procedures and tests of…

Q: To test the operating effectiveness of a control, an audit team might use a combination ofeach of…

A: Internal control: It can be defined as a system that includes the policies, rules, and procedures…

Q: All pre-numbered time cards are accounted for before beginning data entry for preparation of checks.…

A: Audit means examination of books of accounts and financial statements of the business in order to…

Q: Activities carried out by the auditor using comparisons and relationships of accounts or data to…

A: Auditing: Auditing is the process of examining the financial statements, to give a opinion on the…

Q: Which of the following is not a common procedure for assessing operating effectiveness of preventive…

A: Preventive controls is a measure of safeguards implemented by an organisation to proactively…

Q: Audit sampling for tests of controls is generally appropriate when the application of the control…

A: Solution:- Introduction:- Audit sampling may be defined as ‘the application of audit procedures to…

Q: State the relationship between the confirmation of accountsreceivable and the results of the tests…

A: Auditor performs these two test understand the efficiency of control systems, policies and…

Q: Mention Four types of procedures are used to examine the operation of internal controls by the…

A: Introduction:- An audit is a "independent study of financial information of any organisation,…

Q: During substantive procedures, performing analytical procedures satisfies which primary audit…

A: Substantive Procedures Inspection techniques or strategies used to identify or avoid errors in…

Q: In terms of effectiveness and efficiency of operations, as well as of meeting the generic…

A: Sending a copy of the Purchase Order (PO) from the purchasing department to the receiving department…

Q: When inspecting records and documents as a sort of evidence, make a distinction between vouching and…

A: Introduction: Documentary proof or vouchers, such as invoices, debit and credit notes, statements,…

Q: Which of the following audit procedures uses “a purchase transaction” as the sampling unit? A.…

A: Audit Procedures for Purchase Transaction The proper audit procedures which are needed in the…

Q: prostulates of auditing

A: An independent assessment of any organization's financial information is referred to as auditing.…

Q: An auditor looks at purchase orders to ensure the appropriate client personnel have approved the…

A: According to the question given, we need to select the correct option from the options given.Test of…

Q: Subject: internal auditing - needs to perform control testing

A: Introduction: Auditors have a wide range of instruments at their disposal while doing an audit for a…

Q: Controls used in the management of a computer center to minimize the possibility of using an…

A: Auditing is the process by which assertions made by management about financial transactions of a…

Q: How to auditor detect kiting

A: Kiting is one the activities which is done by businesses so that the position can be shown…

Q: Describe the steps that auditors use to test controls over sales and collections. Please provide…

A: Auditors are professionals who are trained to evaluate and review financial records and activities…

Q: Which of the following types of evidence would an auditor most likely examine to determine whether…

A: The question is asking us to identify the type of evidence an auditor would most likely examine to…

Q: When processing controls within the accounting information system may not leave visible evidence…

A: When processing controls within the accounting information system may not leave visible evidence…

Q: Which of the following documenting the auditor's understanding of internal controls is the best:…

A: Internal controls are defined as the procedures, mechanisms and rules executed through company in…

Q: Which of the following is NOT a general control?* a. Backup of live data b. Use of passwords c.…

A: For data protection and IT security, various types of internal controls is implemented by the…

Question

In a test of controls, auditors may trace receiving reports to vouchers recorded in the voucher register. This is a test for
a. Occurrence.
b. Completeness.
c. Classification.
d. Cutoff.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Justification for the correct answer:

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Audit Strategy, Audit Planning and Audit Programme

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

planning and supervision standard is related to the category of general auditing standard Select one: True False
Listed in the table below are some common audit procedures. For each procedure below: Identify whether it is a test of control (TOC), substantive test of transaction (STOT), analytical procedure (AP) or a test of details of balances (TODOB). Write your answer in the 2nd column of the table below. State one audit objective that is being satisfied. Write your answer in the 3rd column of the table below. Procedure (a) Type of Test (b) Audit Objective Example: Compare the quantity and description of items on duplicate sales invoices with related shipping documents. STOT Accuracy 1.Foot the list of accounts payable and trace the balance to the general ledger. 2. Account for the sequence of purchase orders 3. Select a sample of purchase transactions from purchase journal and trace them to vendors’ invoices and statements 4. Exam cash payments subsequent to the balance date to see if they are related to unrecorded…
Evaluating data reliability is a critical part of the audit process. Explain the differences among the following in terms of reliability: Data obtained from direct versus indirect methods.
When evaluating inventory controls, an auditor would be least likely toa. Inspect documents.b. Make inquiries.c. Observe procedures.d. Consider policy and procedure manuals
Testing a company's internal controls through inspection of documents to see if approval or other checking was performed is specifically referred as ________. a. Documents Trial b. No Trial c. Audit Test d. Test of Controls
Give examples of tests of controls to test theoperating effectiveness of internal controlsin the revenue and collection cycle
Evaluating data reliability is a critical part of the audit process. Explain the differences among the following in terms of reliability: Data from internal versus external sources. Written data versus verbal conversation records. Data obtained from direct versus indirect methods. Data obtained from original documents versus electronic scans.
Which of the following tests of controls is most useful in assessing the transaction-related audit objective related to completeness? Attempt to input transactions with valid and invalid vendors. Account for sequence of vouchers and ensure that the vouchers prenumbered. Examine supporting documents for indication of approval. Examine documents in voucher package for occurrence.