Procedure (b) Audit (а) Туре of Objective Test Example: Compare the quantity and description of items on duplicate sales invoices with related shipping documents. 1.Foot the list of accounts payable and trace the balance to the general ledger. STOT Асcuracy 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 accounts payable.
Procedure (b) Audit (а) Туре of Objective Test Example: Compare the quantity and description of items on duplicate sales invoices with related shipping documents. 1.Foot the list of accounts payable and trace the balance to the general ledger. STOT Асcuracy 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 accounts payable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Listed in the table below are some common
- 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.
Transcribed Image Text:Procedure
(b) Audit
(а) Туре of
Objective
Test
Example: Compare the quantity and description of items on
duplicate sales invoices with related shipping documents.
STOT
Аccuracy
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 accounts payable.
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