Which of the following procedures will an auditor most likely perform for year-endaccounts receivable confirmations when the auditor did not receive replies to secondrequests?(1) Review the cash receipts journal for the month prior to year end.(2) Intensify the study of internal control concerning the revenue cycle.(3) Inspect the shipping records documenting the merchandise sold to the debtors.(4) Increase the assessed level of detection risk for the existence assertion.

Q: State the appropriate audit opinion that the auditor would require.

A: Among various Auditor's Opinions, one of the opinion can be Disclaimer of Opinion.  Auditor needs to…

Q: An auditor discovered the following errors and irregularities while performing tests of controls:…

A: SOLUTION INTERNAL CONTROL  ARE THE RULES AND PROCEDURES IMPLEMENTED BY A COMPANY TO ENSURE THE…

Q: When planning to perform an audit, an accountant must have a clear understanding of audit risk and…

A: Audit risk It is the risk that financial statements are materially incorrect, even though financial…

Q: 2. Which technique would be most effective and efficient for testing the operating effectiveness of…

A: The bank reconciliation statement is the statement that is prepared to rectify the errors between…

Q: Why is there a greater emphasis on the detection of fraudin tests of details of cash balances than…

A:

Q: Attached is an audit working paper prepared by a new staff auditor based on his testing of a…

A: Auditor while performing his duties for conducting an audit prepares some documents, file work and…

Q: Which of the following statements would most likely appear in an auditor's engagement letter? a.

A: Audit report represents the report prepared by an auditor that shows the opinion of the auditor on…

Q: Which of the following audit procedures is least effective for detecting unrecorded long-term debt…

A: Lets understand the basics. Management needs to perform an audit procedure in order to express an…

Q: all statements are true B. all statements are false C. S1 and S2 are true D. S1 and S3 are true

A: Correct option : B

Q: Which of the following are audit evidences? a) Inspecting non-current/fixed assets b) An item of…

A: Audit Evidence: It refers to the information that the auditor uses in arriving at a conclusion on…

Q: Which of the following procedures would most likely be performed during planning?a. Surprise…

A: Identifying related parties would most likely be performed during planning.

Q: Describe TWO (2) substantive testing procedures an auditor could employ to verify each of the…

A: i. Revenue and Accounts Receivable: 1. Analytical Review: The auditor would examine the changes in…

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: nancial information you determine that there is a material misstatement in the accounts receivable…

A: INDEPENDENT AUDITOR’S’ REPORT TO THE MEMBERS OF FREEFALL INCORPORATEDReport on the Standalone…

Q: determine its proper allowance for loan losses

A: Option a is wrong because by making visits to the business sites, auditor cannot help in determining…

Q: Questions - Images to these questions are attached below. (a) Recommend SIX tests of controls the…

A: (a) Test of control Objective of the test The auditor should attempt to verify the validity of…

Q: not a procedure used by an auditor in searching for unrecorded disposals of long-lived assets?

A: Option a is wrong because the examination of property tax records provides information on tax on…

Q: The auditors have determined that each of the following objectives will be a part of the audit of…

A: The audit of different items contained in the financial statements through appropriate audit…

Q: 1 essential part of the auditor's responsibility in auditing cash receipts is to identify…

A: Cash receipt refers to the evidence of purchase issued when the buyer of goods has paid in cash and…

Q: A client operates two plants.  In Plant A, throughout the entire cutoff test window, all sales have…

A: A client operates two plants.  In Plant A, throughout the entire cutoff test window, all sales have…

Q: After completing a horizontal and vertical analysis of the Balance Sheet and Income Statement.  It…

A: The answer is stated below:

Q: Which of the following conditions identified during fieldwork of an audit is most likely to affect…

A: The correct answer is: (D) Missing documents  Missing documents would most likely affect the…

Q: The George Company has a policy of maintaining an end-of-month cash balance of at least $30,000.In…

A:

Q: An auditor is likely to perform each of the below procedures to obtain evidence regarding the…

A: Audit  Contrary to unfavorable opinions, scope restrictions or the presence of significant…

Q: For each of the following audit procedures, state which type of evidence-gathering technique is…

A: As per our protocol we provide solution to the first three sub-parts only but you have asked…

Q: Which of the following control objectives would be least likely be considered by the internal…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: Which of the following conditions identified during the audit increases the risk of employee…

A: An entity's financial records, statements, and other financial information are examined as part of…

Q: Course: Auditing  You are the audit partner of ‘Power Auditors’ and you are auditing your client…

A: The opinion which is formed and communicated by the auditor to the organization after assessing the…

Q: The expense cycle offers employees many opportunities to commit fraud in processing cash purchases…

A: “Since you have asked multiple questions, we will solve the first three sub-parts question for you.…

Q: Which of the following substantive procedures would most likely help an auditor determine whether…

A: Substantive procedures are performed to detect the material misstatement or fraud at the assertion…

Q: goal of this substantive audit procedure

A: Option b is wrong because for determining the proper recording of purchases, there is no need to…

Q: Carico Ltd, a manufacturer of construction blocks, operates with a fiscal year-end of June 30th,…

A: Control Measures to Minimize Fraud:Segregation of Duties means splitting up responsibilities so that…

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.