Read the following statements carefully: Recalculate the allowance of accounts receivables.Vouch sales journal entries to sales invoices.Inspect the Bank statement in the client’s file.Trace sales invoices to accounting receivable ledger.Ask the payroll department to make a report about the calculating criteria of the overtime.Inspect the disclosure of inventories in the financial statements.Ask management about inventories the client has a legal title on it.Observe that Inventory quantities include all products, materials, and supplies on hand.Instructions:1-Indicate the type of Procedure for each statement.2-Indicate the type of Evidence for each statement.3-Indicate the type of Assertion for each statement.4-Indicate the source of Document for each statement (obtained directly by the auditor, external circulated internally, internally circulated externally, entirely internal). No.Type of Procedure Type of Evidence Type of AssertionThe source of Document1 2 3 4 5 6 7 8

Type of Audit Procedures It is preliminary assessment an auditor is required to identify and…

Answered: Read the following statements…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Read the following statements carefully:

Recalculate the allowance of accounts receivables.
Vouch sales journal entries to sales invoices.
Inspect the Bank statement in the client’s file.
Trace sales invoices to accounting receivable ledger.
Ask the payroll department to make a report about the calculating criteria of the overtime.
Inspect the disclosure of inventories in the financial statements.
Ask management about inventories the client has a legal title on it.
Observe that Inventory quantities include all products, materials, and supplies on hand.

Instructions:

1-Indicate the type of Procedure for each statement.

2-Indicate the type of Evidence for each statement.

3-Indicate the type of Assertion for each statement.

4-Indicate the source of Document for each statement (obtained directly by the auditor, external circulated internally, internally circulated externally, entirely internal).

No.	Type of Procedure	Type of Evidence	Type of Assertion	The source of Document
1
2
3
4
5
6
7
8

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