The auditor is MOST likely to learn of retirements of equipment through which of the following? a. Review of the purchase and allowance account. b. Review of the sales discount account. c. Analysis of the credits to the accumulated depreciation account. d. Review of insurance policy riders. e. Confirmation of recorded credits to the accounts payable account.

Q: An auditor's techniques for examining the balance sheet's accounts receivable account are most…

A: Answer: Concept Balance sheet are the financials of the company. They are expected to be true and…

Q: Describe the purpose and give examples of audit procedures in the search for unrecorded liabilities.

A: The search of unrecorded liabilities is the set of procedures designed to yield audit evidence of…

Q: What tools do auditors use to verify the ending balances in the various accounts in the acquisition…

A: Auditors are professionals who are responsible for examining and evaluating the financial records…

Q: Which of the following is Appraisal cost? A. Recalls and warranty repairs B. Line Inspection and…

A: Cost accounting:- Cost accounting helps to record overall cost of the firm including variable and…

Q: Auditors try to identify predictable relationships when using analytical procedures. Relationshiipss…

A: Analytical Procedure- Analytical Procedure is evaluation through analysis of financial information…

Q: Which of the following accounts would most likely be audited in connection with a related…

A: A balance sheet is a budget summary that reports an organization's benefits, liabilities and…

Q: Auditors try to identify predictable relationships when using analytical procedures. Relationships…

A: Analytical processes are a crucial step in the audit process and involve evaluating financial data…

Q: You are auditing the balance in the prepaid insurance account for your audit client.  a) Name and…

A: Prepaid Insurance : It is a type of current Asset which is shown in the Balance Sheet of a Company…

Q: In the audit of accounts receivable, the most important emphasis should be on thea. Completeness…

A: The existence assertion is the assertion that liabilities, assets and shareholders capital balances…

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: basic step in auditing unclaimed salaried and wages is to verify disposition of the account…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: As a financial auditor who is auditing long-lived assets, from the income statement, describe two…

A: Auditing is like being a financial detective for a company's books. It's the process of carefully…

Q: f the auditor want to assure that Receivables have not been sold. What assertion he or she want to…

A: Existence represents that whether accounts receivable of the company really exist on a particular…

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: An audit team would most likely examine the detail support for charges to which of the following…

A: Audit Procedures:  A specific procedure undertaken by an auditor to procure evidence in a particular…

Q: The most probable audit processes to verify receivables written off as uncollectible include Explain…

A: Procedure for auditing: Audit procedures are the processes, strategies, and methods used by auditors…

Q: Which of the following audit procedures is aimed most directly at testing the completeness assertion…

A: For acco payable auditor should  perform  appropriate  audit procedure  for testing  completeness…

Q: In determining whether transactions have been recorded, the direction of the audit testing should be…

A: An audit is a process of examining the books of accounts by the auditor so as to know whether the…

Q: In auditing the accrued liabilities account on the Balance Sheet, an auditor’s procedures most…

A: Management assertion is something that helps in the verification of the accuracy of the information…

Q: Which documents would an auditor most likely choose to examine closely to ascertain that all…

A: Option d. receiving reports is the answer

Q: An auditor reviews aged accounts receivable to assess likelihood of collection to support…

A: The aged account receivable is reviewed by the auditor that assess the posibility in order to…

Q: document that the auditor would test would mostly likely be the? A. Supplier Invoice B. Purchase…

A: To  verify whether all goods received by the company have been recorded appropriately, the source…

Q: The typical procedures performed to verify that the client has not omitted any amounts from the…

A: The answer is option (d.) [subsequent payments testing]

Q: Which of the following procedures would most likely help an auditor identify events after the date…

A: Events that occur after the date of the financial statements but before the auditor's report is…

Q: when auditing VAT payable account, what are the considerations that you need to remember and…

A: Auditing refers to the process of examining or inspecting the several books of accounts by an…

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.