Which of the following describes how the auditor tests for cut-off?auditor searches for evidence that transactions have been recorded in the correctaccounting periodauditor searches for transactions and makes sure these have been recordedO auditor searches for evidence to verify that a recorded transaction took place and relatesto the entityO auditor searches for evidence that transactions have been recorded at appropriateamounts Which of the following is NOT an example of externally generated evidence sent directly to theauditor?O supplier invoicesO bank confirmationsO payable confirmationsresponses to legal letters

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Answered: Which of the following describes how…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Similar questions

Evidence is not needed for reporting the wrongdoing externally. True False
Which of the following is true regarding the business views/goals to build a business intelligence data warehouse? * Makes an organization’s information inaccessible. Make an organization’s information inconsistent. Empowers end users and gives them control over their reporting needs.Yields small Return on InvestmentIdentifying customers with the greatest profit potential increases the likelihood that they will want the product or service offering and retain loyalty. Which of the following best describes the statement? * Research and development Product and service quality Customer selection Human capital Which of the following is NOT a reason for building a data warehouse? Provide a decentralized decision-making environment and not to rely on IT folk None of the above Provide good performance for both decision support and OLTP applications Provide answers to business questions that thus far have been unanswered
One of the main objectives of audits under ISO 14001 is to encourage management to improve management Select one: a. False. b. True. Clear my choice
In particular incidents in which a salesman convinces argumentative customers to buy the product, then the salesman’s performance may be given higher score. This method of performance appraisal is called a. Check list method b. Confidential reports c. Critical incident method d. Rating method
While financial managers must be concerned with obtaining and managing the funds of the business, they are not involved in auditing or managing the taxes of the firm. True or False True False 26 tv 28
1-Government, law, and order services category is one of the e-government service preferences, which contains all of the examples except: Select one: a. Child care information b. coast guard information c. consumer protection d. crime and government reports
Which of the following is not a nature of internal audit? Examine and evaluate the findings Services to whole organization Accomplishment of objectives and goals Appraisal of existing controls
A technological failure occurred at ELEANOR Company last year. A new computer system which was designed to control ELEANOR’s complicated operational facility broke down shortly after it was installed. This meant that the company was unable to carry out production processes normally for several days. The cause of the failure was later found to have been a system specification error made by Ms. Christen, the operations director and a professional engineer. She had seriously miscalculated the capacity needed for the new system and had ordered a computer system which was unfit for purpose. Not only had this resulted in the loss of several days of production and a loss of loyalty and goodwill from customers and others, it also cost a large amount to repair and upgrade the system to be able to cope with the actual demands placed upon it. Ms. Christen acknowledged that she had over-ridden normal procurement procedures in purchasing the system. But she was thought by her colleagues to be…
A considerable portion of the tests of controls and substantivetests of transactions are performed simultaneously as a matter of audit convenience. Butthe substantive tests of transactions procedures and sample size, in part, depend on theresults of the tests of controls. How can the auditor resolve this apparent inconsistency?
Which of the following is a characteristic of a business. A.risk element B.production C.all of above D.exchange and sale of goods
Most transactions could be viewed as examples of asymmetric information since consumers typically have less information about a good or service than the producer. Because the consumer has less information than the producer, the consumer will tend to... Group of answer choices Buy more of the product than they would if they had all the information Buy less of the product than they would if they had all the information. Buy the same amount of the product that they would if they had all the information. Forgo all purchases and only buy goods and services when they have all the information about a product.
The occurence objective (assertion) is of primary importance when performing transactions testing for sales. List and discuss the three potential misstatements that audit procedures are designed to detect. (Answer directly)

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