EBK PRINCIPLES OF AUDITING & OTHER ASSU
21st Edition
ISBN: 9781260299434
Author: WHITTINGTON
Publisher: YUZU
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Chapter 10, Problem 2RQ
To determine
Provide two reasons when audit work on cash is likely to be more extensive than might appear to be justified by the relative amount of the
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Chapter 10 Solutions
EBK PRINCIPLES OF AUDITING & OTHER ASSU
Ch. 10 - Prob. 1RQCh. 10 - Prob. 2RQCh. 10 - Prob. 3RQCh. 10 - Prob. 4RQCh. 10 - Prob. 5RQCh. 10 - Prob. 6RQCh. 10 - Prob. 7RQCh. 10 - Prob. 8RQCh. 10 - Prob. 9RQCh. 10 - Prob. 10RQ
Ch. 10 - Prepare an example of lapping of cash receipts,...Ch. 10 - Prob. 12RQCh. 10 - Prob. 13RQCh. 10 - Prob. 14RQCh. 10 - Prob. 15RQCh. 10 - Prob. 16RQCh. 10 - Explain two procedures by which auditors may...Ch. 10 - Prob. 18RQCh. 10 - Prob. 19RQCh. 10 - Prob. 20RQCh. 10 - Prob. 21RQCh. 10 - Prob. 22RQCh. 10 - Prob. 23RQCh. 10 - Prob. 24RQCh. 10 - Prob. 25RQCh. 10 - Prob. 26QRACh. 10 - Henry Mills is responsible for preparing checks,...Ch. 10 - During the first few months of the year, John...Ch. 10 - Prob. 29QRACh. 10 - Prob. 30QRACh. 10 - Prob. 31QRACh. 10 - Prob. 32QRACh. 10 - Prob. 33QRACh. 10 - Prob. 34QRACh. 10 - Prob. 35QRACh. 10 - Prob. 36QRACh. 10 - Prob. 37QRACh. 10 - Select the best answer for each of the following...Ch. 10 - Prob. 38BOQCh. 10 - Prob. 38COQCh. 10 - Prob. 38DOQCh. 10 - Prob. 38EOQCh. 10 - Prob. 38FOQCh. 10 - Reconciliation of the bank account should not be...Ch. 10 - The auditors suspect that a clients cashier is...Ch. 10 - Prob. 38IOQCh. 10 - Prob. 38JOQCh. 10 - Prob. 38KOQCh. 10 - Prob. 38LOQCh. 10 - Which of the following represents a correct...Ch. 10 - Which of the following correctly identifies a risk...Ch. 10 - Which of the following correctly identifies a risk...Ch. 10 - Prob. 39DOQCh. 10 - Prob. 39EOQCh. 10 - Prob. 39FOQCh. 10 - Prob. 40OQCh. 10 - Prob. 41OQCh. 10 - Prob. 42OQCh. 10 - Prob. 43OQCh. 10 - Prob. 44OQCh. 10 - Prob. 45OQCh. 10 - Prob. 46PCh. 10 - Prob. 47PCh. 10 - Prob. 48PCh. 10 - Prob. 49PCh. 10 - Prob. 50ITCCh. 10 - Prob. 51ITCCh. 10 - Prob. 52RDCCh. 10 - Prob. 53EC
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- During an audit of cash, the auditor is most concerned with the management assertion ofa. Existence.b. Rights and obligations.c. Valuation or allocation.d. Occurrence.arrow_forwardWhat are the key management assertions related to cash? What are the most important assertions related to cash? How will auditors test these assertions?arrow_forwardHow is the directional risk of cash applied in determining the appropriate audit procedures to be performed?arrow_forward
- Explain the relationships among the initial assessed controlrisk, tests of controls and substantive tests of transactions for cash receipts, and the testsof details of cash balances.arrow_forwardWhich of the following procedures is least likely to be performed before the balance-sheet date?a. Observation of inventory.b. Review of internal control over cash disbursements.c. Search for unrecorded liabilities.d. Confirmation of receivables.arrow_forwardAn auditor wishes to perform tests of controls on a client's cash disbursements procedures. If the control activities leave evidence, the auditor most likely will test the activities by Multiple Choice confirmation and observation. inquiry and analytical procedures. observation and inquiry. analytical procedures and confirmation. 13arrow_forward
- Complete the table with assertion, and recommended audit procedure that apply: Possible Assertion Audit Procedures Misstatement Cash is understated because not all cash receipts are recorded or disbursement were not recorded. Cash is overstated because the entity does not have legal title or similar right of ownership to amounts reflected in the accounts. Restrictions on the availability of funds are not properly disclosed.arrow_forwardIs there a way to verify that cash equivalents are properly classified? If so, how would it fit into the company's broader system of internal controls over cash In order to back up your statements, provide examples and reference GAAP.arrow_forwardDescribe the audit procedure for cash.arrow_forward
- 4. Which of the following audit procedures is most appropriate to address the occurrence assertion for sales? a. Confirm receivables balances. b. Perform analytical procedures. c. Review collectability. d. Confirm cash deposits in banks.arrow_forwardBecause receipts and payments must be classified in the statement of cash flows as to whether they are from Operating, Investing, or Financing activities, the ____________________________ audit objective is especially important.arrow_forwardDefine and give examples of off-balance-sheet information. Why should auditors be concerned with such items?arrow_forward
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