Which of the following audit procedures is aimed most directly at testing the completeness assertion for accounts payable?     Footing the list of accounts payable.     Tracing shipping reports after year-end to related customer purchase orders and invoices.     Examining underlying documentation for cash disbursements in the period after year-end.     Tracing shipping reports issued on or before year-end to related customer purchase orders and invoices

Q: When auditing the revenue and collection cycle, auditors normally select balances to confirm from…

A: Revenue and collection cycle: The revenue cycle records all the transactions that originate from…

Q: Of the following, which is the best example of a substantive test?Select one:   a. Examining a…

A: In auditing, a substantive test is a procedure designed to gather evidence to support the amounts…

Q: Confirmations of bank accounts may help the auditor to determine if material amounts of accounts…

A: An auditor is a professional, frequently an independent third party, who examines and verifies…

Q: Imagine that you were auditing accounts receivable balances to confirm sales and found significant…

A: The objective of this question is to find an alternative approach to confirm sales revenue when…

Q: For each procedure, indicate the primary audit objective being satisfied: Trace entries from cash…

A: The primary objective of an audit is to check and confirm that all financial information is…

Q: Which of the following audit procedures is a dual-purpose test, which tests the effectiveness of…

A: A dual-purpose test is an audit method that serves as a control and substantive test at the same…

Q: We discussed the difference between a) tracing a sample of transactions from the source documents to…

A: Source documents refer to the original records or materials that provide evidence of a business…

Q: MOST likely to be performed before the balance sheet date? a. Determine the date of the Letter of…

A: Auditing is independent examination of financial statements to express an opinion on the financial…

Q: In order to determine whether accounts payable are understated, auditors wish to obtain a sample of…

A: The objective of the question is to identify the most appropriate sampling method for auditors to…

Q: Evidence comes in various types and has different degrees of reliability. Below are some pairs of…

A: The auditors are professional who possesses accounting, auditing, and taxation expertise. The…

Q: When auditing the cash account, the auditor traces the cash receipts, which are recorded on the cash…

A: Auditing refers to the process of physically evaluating and inspecting all the financial information…

Q: paring the bank reconciliation. 2. Examine vendors’ invoices and other s

A: The auditors verify the fairness of financial statements by collecting audit evidence by following…

Q: Assume that your audit partner asks you to design detailed substantive testing programs for accounts…

A: Considerable testing is a review technique that looks at the fiscal reports and supporting…

Q: An auditor wishes to perform tests of controls on a client's cash disbursements procedures. If the…

A: a. observation and inquiry.In auditing, when control activities leave no audit trail of documentary…

Q: Assertion: Existence of accounts receivable Which of the following represents the substantive…

A: Audit procedureMethods and techniques used by the auditor to gather the appropriate evidence so that…

Q: The following are examples of audit procedures:   Watch employees count inventory to determine…

A: Audit evidence is a critical component of the audit documentation process. It refers to the…

Q: A typical substantive procedure for receivable balance and sales transactions may include…

A: Specifically disclosed in noes to accounts also , in income statements

Q: in testing controls over cash disbursements, an auditor most likely would determine that the person…

A: In testing controls over cash disbursements, an auditor would most likely look for evidence that the…

Q: To determine whether accounts payable are complete, auditors perform a test to verify that all…

A: Audit Test: An audit test is a sample from all recorded transactions to test the accuracy of…

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: You are part of the audit team that is auditing Hillsburg Hardware Co. and you have been assigned to…

A: A test of controls is an audit procedure to test the effectiveness of a control used by a client…

Q: The auditor is MOST likely to learn of retirements of equipment through which of the following? a.…

A: An equipment audit eliminates the possibility of a customer showing up for pick-up only to discover…

Q: Which of the following is an internal control measure regarding purchases made by a company during a…

A: Internal control measures are policies and procedures put in place by a company to ensure the…

Q: The following are specific balance-related audit objectives applied to the audit of accounts…

A: The first specific related objective deals with the amounts which must not be involved in the…

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.