Which of the following procedures would an auditor most likely perform in searching for unrecorded liabilities? A. Vouch a sample of cash disbursements recorded just after year end to receiving reports and vendor invoices. B. Compare a sample of purchase orders issued just after year-end with the year-end accounts payable balance. C. Scan the cash disbursement entries recorded just before year end for indications of unusual transactions. D. Vouch a sample of accounts payable entries recorded just before year end to the unmatched receiving report file.

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: Explain why an auditor compares the “date of deposit accordingto the books” to the “date of…

A: Typically, the phrase audit applies to an audit of the financial statement. A financial audit…

Q: Auditors try to identify predictable relationships when using analytical procedures. Relationshiipss…

A: Analytical Procedure- Analytical Procedure is evaluation through analysis of financial information…

Q: Auditors try to identify predictable relationships when using analytical procedures. Relationships…

A: Analytical processes are a crucial step in the audit process and involve evaluating financial data…

Q: Which of the following is an effective audit procedure that an auditor might use to detect kiting…

A: Kiting is the process in which bank misrepresent their financial instruments with the objective of…

Q: Which of the following is one of the better auditing techniques to detect kiting?(1) Review…

A: (3) Prepare year-end bank reconciliations

Q: Which of the following procedures would an auditor most likely perform in searching for unrecorded…

A: Account payable  means the amount owed by business to outsider for the goods received and services…

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

A:

Q: Which of the following substantive procedures would auditors most likely perform to obtain evidence…

A: Answer:   Option b

Q: Which of the following is the best audit procedure for the detection of lapping?   a. Comparison of…

A: Lapping means deliberately misappropriation of the funds by the employee of the organization.  When…

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: 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: Match each example audit procedure with its correct general audit objective related to accounts…

A: A) Existence of assets: This refers to the verification of whether assets recorded in the financial…

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: 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: When a sample of customer accounts receivable is selected for vouching debits, auditors will vouch…

A: Vouching can be defined as the process of verifying the transaction made in books of entries by…

Q: Which of the following procedures would an auditor most likely perform in searching for unrecorded…

A: These liabilities arise from transactions or events that have taken place but have not been…

Q: when auditing a client's year end cash balance, an auditor uses standard bank confirmations and…

A: Ideally cash balance as per books and bank balance as per bank statement must reconcile with each…

Q: Which of the following audit procedures is aimed most directly at testing the completeness assertion…

A: For acco payable auditor should  perform  appropriate  audit procedure  for testing  completeness…

Q: Which of the following procedures will an auditor most likely perform for year-endaccounts…

A: Answer:   Option 3.

Q: Which of the following is the best audit procedure for determining the existence of unrecorded…

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: Which of the following would provide an auditor with the most reliable evidence reguarding the…

A: most reliable evidence reguarding the existence of accounts receivable:

Q: In preparing for the audit of cash, the auditors perform analytical procedures concerning cash…

A:

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: Which of the following tests of details most likely would help an auditor determine whether accounts…

A:

Q: Audit sampling should not be applied to which of the following audit procedures?   A. Physically…

A: Audit sampling is the procedure that is applied to the selected item of the population to form an…

Q: Following are seven audit activities.a. Examine invoices supporting recorded fixed asset…

A: Auditing: Auditing refers to an independent examination of financial information of any…

Q: Test a sample o selecting the sa numbered ehinn

A: Sales Revenue: Sales revenue is the amount earned by the company by selling the goods or providing…

Q: Which of the following procedures would most likely help an auditor identify events after the date…

A: Events that occur after the date of the financial statements but before the auditor's report is…

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.