Auditor’s independence meansaudit is conducted by the auditor in an unbiased manner and is in accordance with the recognized standards and rules. To illustrate: The importance of independence when conducting an audit. Also, state the difference between independence in fact and independence in appearance.

Question

Using the results of the Top 5 Customers by Accounts Receivable Amount Due and the Top 5 Customers by Outstanding Sales Order Amount visualization, what conclusion can be made regarding the outstanding sales orders? a. The high value of outstanding accounts receivable for Sanders Corp may be directly related to their high value of outstanding sales orders. b. The high value of outstanding accounts receivable for Williams Corp may be directly related to their high value of outstanding sales orders. c. The high value of outstanding sales orders for Roberts Corp has caused them not to pay a large value of invoices. d. Evans Corp has a high value of outstanding accounts receivable and outstanding sales orders.

Answer 1

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Chapter 1, Problem 33RSCQ

To determine

Introduction:Auditor’s independence meansaudit is conducted by the auditor in an unbiased manner and is in accordance with the recognized standards and rules.

To illustrate:The importance of independence when conducting an audit. Also, state the difference between independence in fact and independence in appearance.

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Using the results of the Top 5 Customers by Accounts Receivable Amount Due and the Top 5 Customers by Outstanding Sales Order Amount visualization, what conclusion can be made regarding the outstanding sales orders? a. The high value of outstanding accounts receivable for Sanders Corp may be directly related to their high value of outstanding sales orders. b. The high value of outstanding accounts receivable for Williams Corp may be directly related to their high value of outstanding sales orders. c. The high value of outstanding sales orders for Roberts Corp has caused them not to pay a large value of invoices. d. Evans Corp has a high value of outstanding accounts receivable and outstanding sales orders.

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