What evidence could the verbal inquiry audit procedure provide in “Printing (Copying) Money”?

Q: Does the reporting relationship results in a problem of independence of the internal audit depa

A: Reporting relationship is the term which is defined as the accountability structure within the firm…

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: How would you distinguish forensic accounting, fraud auditing, and investigative auditing from…

A: Auditing is the process of analyzing the financial statements, and look whether the financial…

Q: How is Accounts Payable audited?

A: Accounts payable:   Accounts payable refers to the money payable by the company to outside entities…

Q: Meaning and difference between the permanent audit file and the current audit file?

A: Permanent audit files: Permanent audit files are the records that are used to preserve the documents…

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: What are the goals of a fraud audit for internal auditors? Explain briefly.

A: The Fraud Audit: There is a possibility of substantial misstatement with every audit form, but the…

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: is a practice of transfering the ownership of a negotiable instrument such as a check by a payee to…

A: Discounting means where the negotiable instrument has been given to bank before due date to take…

Q: Why should the employee who handles cash receipts not have the responsibility for maintaining the…

A: Accounts receivable: Accounts receivable are money owed to business from debtors. These are payments…

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: Whose property are audit documentation (audit workpapers)? In what form must they be?

A: Auditing:                   It is a systematic verification of the books of accounts of an…

Q: How do audit procedures for prepaid expenses and accrued liabilities also provide audit evidence…

A:

Q: which of the following account will be least likely involved in the purhasing sub-process of the…

A: Purchasing of transaction involves checking at various stages such as receiving the goods and…

Q: In auditing receivables, what are the audit objectives and how would you be performed to arrive at…

A: Auditing implies an exhaustive and formal review of your records. Auditors give extraordinary…

Q: Which of the following statements is associated with analytical procedure test? a. It helps to…

A: Analytical procedures involve comparisons of recorded amounts, or ratios developed from recorded…

Q: Which internal controls should the auditor be most concernedabout in the audit of notes payable?…

A: It is very important for the organization to evaluate the performance of the company from time to…

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: How does an audit program differ from an audit plan, and what is its function?

A: An audit program and an audit plan are both crucial components of the auditing process, but they…

Q: 4. Which of the following audit procedures is most appropriate to address the occurrence assertion…

A: Assertions are statements made by a company's management regarding the financial statements and…

Q: Explain the relationships among the initial assessed controlrisk, tests of controls and substantive…

A: The cash account is affected by the transaction in most of the cycles. Since there is a relationship…

Q: Does computerization of data processing affect the objective of financial statement audit? Discuss.

A: Auditing is the process of verifying, and assessing the financial statements of a company through…

Q: Which of the following procedures is least likely to be performed before the balance-sheet date?a.…

A: Balance-sheet represents the financial position of the organization related to a specific period in…

Q: Explain what is the scope of the fraud audit?

A: Audit is the examination or inspection of books of accounts by an auditor followed by physical…