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(b) Audit(а) Туре ofObjectiveTestExample: Compare the quantity and description of items onduplicate sales invoices with related shipping documents.STOTАccuracy1.Foot the list of accounts payable and trace the balance tothe general ledger.2. Account for the sequence of purchase orders3. Select a sample of purchase transactions from purchasejournal and trace them to vendors' invoices and statements4. Exam cash payments subsequent to the balance date to see ifthey are related to unrecorded accounts payable.

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

Answered: Procedure (b) Audit (а) Туре of…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 3CE

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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 2^nd column of the table below.
State one audit objective that is being satisfied. Write your answer in the 3^rd column of the table below.

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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