List the revenue cycle audit objectives derived from the “existence or occurrence” management assertion

Q: Describe the audits and auditors ingovernmental, internal, and operationalauditing.

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

Q: Why is it important that auditors familiarize themselves with the acquisition and expenditure Cycle

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: roles of internal auditors and external/independent auditor

A: SOLUTION-   INTERNAL AUDITOR- IT IS A TRAINED PROFESSIONAL TASKED WITH PROVIDING INDEPENDENT AND…

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: 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: An audit trail is a step-by-step record by which accounting data can be traced to its source.…

A: Vouching refers to checking the business transactions with their respective source documents.

Q: Explain the audit objectives of existence or occurence, completeness, rights and obligations,…

A: objectives of Audit Audit means the audit of information system of an organization to check the…

Q: Explain the objective ofconducting an audit of financialstatements and an audit ofinternal controls.

A: The Audit is an examination of a financial statement that dictates that all financial transactions…

Q: How many the specific audit tests for the Sales & Revenue Cycle?

A: Sales & Revenue Cycle: This cycle  is made up of  various classes of transactions with respect…

Q: What steps of independent verification does the general ledger department perform?

A: The general ledger of an organisation is maintained by the general ledger department. The recording…

Q: What are the requirements for referencing a Component Auditor in the Audit Report?

A: Definition:   Component auditor: The component auditor performs the audit of the component of the…

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.

Q: Justify the purpose of performing a financial statement audit and an internal control audit.

A: Introduction: The audit reviews a financial statement that verifies that all financial transactions…

Q: A system that traces the detailed transactions relating to any item in an accounting record could be…

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

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: Explain what is meant by the Single Audit Act. What is its purpose?

A: Single Audit Act refers to the auditing of organization's wide financial statement and federal…

Q: What is the term used to describe a systematic process of objectively obtaining evidence regarding…

A: Auditing is a systematic process that helps in providing a true and fair picture of the financial…

Q: An audit plan should include Audit criterial O Audit scope O Audit date and time O all the above.

A: The audit plan is the plan and guidelines to be followed when the team conducts the audit of the…

Q: Describe the external auditors responsibilities in relation to auditing accounting information…

A: Auditor's are the professional body responsible for analyzing, checking, reporting about the…

Q: Explain how management assertions, general balance-relatedaudit objectives, and specific…

A: Management assertions are implied representations by management about classes, of transactions and…

Q: describe the objective of audits of fi nancial statements, the types of audit reports, and…

A: The main objective of a financial report audit is to enable auditors to re-examine the financial…

Q: What is the basis? what are the different ones and how are they calculated?

A: Auditing is defined as the process of verifying the financial statements of a business. The…

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: Which of the following audit is a continuous process ? Risk Management Internal Audit Balance Sheet…

A: Audit definition -  The audit is an independent examination of financial information of an entity…

Q: Provide the control objectives the auditor must ensure when auditing the acquisition and payment…

A: Any business that makes purchases of products and services and pays bills must follow the…

Q: Discuss the risk of material misstatement in the revenue and collection cycle, with a specific focus…

A:

Q: What major types of items are reported in the retainedearnings statement?

A:

Q: What types of audit procedures are typically performed in testing operating effectiveness of…

A: Test of Controls: The test of controls includes the procedures that are developed to generate…

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.