Which of the following is NOT an independent verification control?a. The shipping department verifies that the goods sent from the warehouse are correct in type and quantity.b. General ledger clerks reconcile journal vouchers that were independently prepared in various departments.c. The use of prenumbered sales orders.d. The billing department reconciles the shipping notice with the sales invoice to ensure that customers are billed for only the quantities shipped.

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: .   c.   completeness of receivables.   d.  collectibility of the invoices.

A: The four qualities of a confirmation are as follows: Receipt. Responses can be written or spoken.…

Q: For each of the tests of controls for sales and receivables, indicate the assertion that is…

A: Sales invoices refer to the those paper documents which act as a proof for a sales transaction…

Q: he auditor of Kent Ltd selects a sample from the file of shipping documents in order to confirm that…

A: An audit report is provided by an independent auditor that contains the opinion of the auditor on…

Q: Describe the purpose of a purchase order by selecting the correct statement(s) below. (Check all…

A: The correct statements are:A purchase order is a document the purchasing department uses to place an…

Q: Indicate the primary audit objective for the following audit procedure: Determine whether sales…

A: Auditing is the process of examining financial statements, records, and other financial information…

Q: You are working on the audit of Frozen Fresh Ltd and have just completed an evaluation of controls…

A: For prevention of fraud, theft, and manipulation of records, control over the internal…

Q: An effective revenue security system will help you accomplish the following important tasks: a)…

A: Revenue security refers to the procedure by which a company may match the total amount of sales with…

Q: Choose the Audit Objective: Choose the specific audit objective O

A: The verification of the accounts receivables and sales is one of the primarily tasks of the auditor…

Q: Which statement about Revenue Cycle is correct?

A: The revenue cycle begins with providing a product or service and ends when the invoice is paid in…

Q: "In order to determine whether internal control operated effectively to minimize errors of failure…

A: Internal control is a procedure that is aimed to offer reasonable confidence that information is…

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: ich of the following controls is most likely to help ensure that all credit revenue transactions of…

A: The control that is most likely to help ensure that all credit revenue transactions of an entity are…

Q: Which of the following tests is directed towards the management assertion of completeness of sales?…

A: It is one of the fundamental accounting principles that costs and revenues should be recognized as…

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: Explain, on what criteria or by what internal controls in place, where Billing could be responsible…

A: It is the process followed by the organization in order to ensure the reliability of the financial…

Q: Which assertion is most likely being tested when an auditor vouches transactions from the sales…

A: In auditing and financial reporting, an assertion refers to a representation or statement made by…

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: nvoices, and the AR department posts to the customers’ accounts. B The sales department approves…

A:

Q: Required: Which internal control(s) would you recommend to prevent the following situations from…

A: Answer:- Internal control meaning:- Internal control encompasses the policies, procedures, and…