Which of the following substantive audit procedures is most likely to be performed by the auditor to gather evidence in support of the balance per bank? a. confirm directly with bank b. compare to general ledger c. trace to cash receipts journal d. trace items on the cutoff bank statement to bank reconciliation e. all of the choices

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: Which of the following reconciling items may not result from bank side reccords of a bank account?…

A: Bank Reconciliation statement is a statement prepared to reconcile the cash book balance and bank…

Q: Which of the following internal controls is a common detective control over cash and cash…

A: Internal control  is implemented, to maintain effectiveness, efficiency, ,follow the policies,…

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: Which financial item of a bank is audited when the auditor pays particular attention to establishing…

A: During the audit, auditor should perform procedures to obatian reasonable assurance about the item…

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: Which audit claims will be met by the audit method of cash count and bank verification requests

A: introduction: If the management's financial statements have any inaccuracies or frauds, the only…

Q: -Identify the external source of audit evidences to reconcile the imbalance in the cash book and…

A: External source of audit evidences are collected by the auditor outside the client's organization.

Q: comparing the cash balances on its bank statement with the cash balances in the accounting records…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

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 procedure is an auditor most likely to use to detect a check outstanding at year-end that was…

A: answer are as follows

Q: Bank reconciliation only involves comparing the organization's cash account with the bank statement,…

A: A corporation creates a bank reconciliation statement (BRS) to make sure the balance of its recorded…

Q: Which of the following provides the highest-quality evidence regarding the Valuation of recorded…

A: Performing the Analytical procedures provides the highest-quality evidence regarding the Valuation…

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: Discuss the need for the bank reconciliation statement

A: Bank Reconcilation Statement: Bank reconcilation statement  reconciles an entity’s bank account with…

Q: Discuss audit procedures for the audit of accounts receivable. How does this apply to your chosen…

A: Audit procedures: Audit procedures are the process of evaluating the quality of the financial…

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: Cost of ordered checks automatically debited by the bank Customer's NSF check returned by the bank…

A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…

Q: Which among the following types of audit evidence can be considered the most reliable? a. Verbal…

A: Please see the next step for the solution

Q: Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank…

A: Bank Reconciliation Statement is a statement document that reconciles the difference in the cash…

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: When auditing contingent liabilities, which of the following procedures would be MOST effective? a.…

A: One kind of potential financial obligation known as a contingent liability is one that is predicated…

Q: Accompanying the bank statement was a debit memo for bank service charges.  On the bank…

A: Bank service charge: Bank service charge is charges levied by the bank for the services provided or…

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: Another way to describe account reconciliation is bank reconciliation—the process of bringing the…

A: A bank reconciliation statement is prepared by almost every organization at a particular time. It is…

Q: which audit assertions the audit procedure of cash count and bank confirmation requests will meet?

A: The financial statements prepared by the management may contain misstatements, and any other…

Q: udit reports of banks.

A: Today, a lot of risks are associated with the banking sector. The banking sector is trying to reduce…

Q: following would the auditor most likely perform when auditing the bank reconciliation for a December…

A: When auditing the bank reconciliation statement by the auditor they are various procedures that are…

Q: Who is responsible for preparing the bank reconciliation and what is the purpose of it

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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.