onducting which of the following steps, the auditor can obtain sufficient and appropriate audit evidence regarding existence of inventory, when the inventory is under the custody and control of third party and the auditor considers it material to the Financial statements a) Reques

Q: Which of the following management assertions is an auditor most likely testing if the audit…

A: Management Assertion:   Management assertion refers to the claim made by the management assuring…

Q: the auditor is planning to use accounts payable confirmations when auditing the client's accounts…

A: Accounts payable confirmations refer to a process used by auditors to verify the accuracy and…

Q: Explain whether or not analytical review procedures would be sufficient for the audit of the…

A: Auditing is the examination and verification of the financial statements prepared by the entity and…

Q: Which of the following audit procedures is a dual-purpose test, which tests the effectiveness of…

A: A dual-purpose test is an audit method that serves as a control and substantive test at the same…

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: When a company's financial statements are audited, the principal element an auditor reviews is the…

A: Audit is the process of verifying and examining the authenticity and accuracy of financial…

Q: Which of the following types of audit evidence can be considered the least reliable? a. Purchase…

A: Audit evidence is the data and information which is collected by an auditor by examining the…

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: In auditing the client’s receivables, the auditor decided to select entries in the sales journal and…

A: Assertion of Existence: Assets or liabilities of the company exist at a given date, and recorded…

Q: Describe any 4 (Four) substantive procedures the auditor should perform to obtain sufficient and…

A: Kiran & Co Chartered Accountants is auditing Fansifist Sdn Bhd, a pet food manufacturer and…

Q: An auditor selected items for test counts while observing a client’s physical inventory.The auditor…

A: Qualitative characteristics of Accounting Information System:   Qualitative characteristics are…

Q: when the auditor Watch employees count inventory to determine whether company procedures are being…

A: Ans. An auditor carries out various audit procedures like observation, inspection, confirmation,…

Q: Which of the following procedures is usually performed by the auditor to determine if obsolete…

A: Obsolete inventory is an inventory that gets obsolete and remains unserviceable and loses its…

Q: Which of the following audit procedures probably would provide the most reliable evidence related to…

A:

Q: What is the primary purpose of analytical procedures performed during the planning stages of the…

A: Solution: Analytical Procedures refers to the evaluation of financial information via identifying…

Q: (7) ( ) When the auditor want to know the change of cost-allocated method of several products, which…

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

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: Which statement is incorrect regarding the external auditor's consideration of the work of internal…

A: Following is the answer to the given question

Q: In the auditing process Select one: a. the criteria for evaluating information will not vary…

A: Auditing process means process or procedure of verifying and examining books of account, operations,…

Q: An auditor often tries to acquire background knowledge of theclient’s industry as an aid to audit…

A: Given: The gaining of knowledge by the auditor in differentiating obsolete and current inventory.

Q: For each of the general audit procedures of (1) recalculation, (b) observation, (c) confirmation…

A: Audit procedures:  the procedures of audit are those techniques or processes which the auditors…

Q: At the completion of an inventory observation, the controllerrequested the auditor to give him a…

A: Given case is: At the completion of an inventory observation, the controller requested the auditor…

Q: when the auditor want to assure that There are no unrecorded receivables. What assertion he or she…

A: Answer  Completeness means All transactions are recorded and all related disclosures are included in…

Q: List two examples of audit evidence the auditor can use in supportof each of the following:a.…

A: Auditing: It is an independent process of inspection, verification, examination of financial…

Q: What procedures must the auditor perform when gathering evidence related to contingencies? (Several…

A: Audit evidence: Audit evidence refers to the information and explanations used by the auditor in…

Q: Which of the following types of audit evidence is the least persuasive? a. Bank statements obtained…

A: Audit evidence the information collected by the auditor on the basis of which the opinion on the…

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.