AUDITING+ASSURANCE 12MONTH ACCESS CARD
17th Edition
ISBN: 9780135635131
Author: ARENS
Publisher: WILEY
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Question
Chapter 24, Problem 1RQ
To determine
List and explain the transaction-related and balance related presentation audit objectives. Also, discuss that how many of the procedures to test presentation objectives are integrated with tests performed in earlier stages of the audit.
Expert Solution & Answer
Explanation of Solution
The transaction-related and balance related presentation audit objectives are as mentioned below:
- Existence: In this audit objective, auditor verifies that whether the transaction exists or not.
- Completeness: In this audit objective, auditor verifies that the existing transactions are recorded or not.
- Accuracy: In this audit objective, auditor verifies that the existing transactions are recorded at the correct amount or not.
- Classification: In this audit objective, an auditor verifies that the recorded transactions which are included in the journal of clients are properly classified or not.
Therefore, the all mentioned audit objectives are integrated with the tests performed in earlier stages of the audit.
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Chapter 24 Solutions
AUDITING+ASSURANCE 12MONTH ACCESS CARD
Ch. 24 - Prob. 1RQCh. 24 - Explain why an auditor is interested in a clients...Ch. 24 - Prob. 3RQCh. 24 - Prob. 4RQCh. 24 - Prob. 5RQCh. 24 - Prob. 6RQCh. 24 - Prob. 7RQCh. 24 - Prob. 8RQCh. 24 - What major considerations should the auditor take...Ch. 24 - Identify five audit procedures normally done as a...
Ch. 24 - Prob. 11RQCh. 24 - Prob. 12RQCh. 24 - Prob. 13RQCh. 24 - Prob. 14RQCh. 24 - Prob. 15RQCh. 24 - Prob. 16RQCh. 24 - Prob. 17RQCh. 24 - Prob. 18RQCh. 24 - Prob. 19RQCh. 24 - Prob. 20.1MCQCh. 24 - Prob. 20.2MCQCh. 24 - Prob. 20.3MCQCh. 24 - Prob. 21.1MCQCh. 24 - Prob. 21.2MCQCh. 24 - Prob. 21.3MCQCh. 24 - Prob. 22.1MCQCh. 24 - Prob. 22.2MCQCh. 24 - Prob. 22.3MCQCh. 24 - Prob. 23.1MCQCh. 24 - Prob. 23.2MCQCh. 24 - Prob. 23.3MCQCh. 24 - Prob. 24DQPCh. 24 - Prob. 25DQPCh. 24 - Prob. 26DQPCh. 24 - Prob. 28DQPCh. 24 - Prob. 29DQPCh. 24 - Prob. 32DQPCh. 24 - Prob. 33DQP
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