Loose-leaf For Auditing & Assurance Services: A Systematic Approach
11th Edition
ISBN: 9781260687637
Author: William F Messier Jr, Steven M Glover Associate Professor, Douglas F Prawitt Associate Professor
Publisher: McGraw-Hill Education
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Question
Chapter 5, Problem 5.27MCQ
To determine
Concept Introduction:Documentation is important part of an audit. The auditor documents each phase of the audit, working papers, and evidences gathered during the audit. These documents help auditor to prove his work.
To choose: The title for the audit document that reflects the major components of an amount reported in the financial statements.
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Students have asked these similar questions
Where the auditor should summarize the overall audit strategy that contains the key decisions about the scope, timing and conduct of the audit
a. Audit plan
b. Memorandum
c. Audit working papers
d. Audit Note book
The auditor should summarize the overall audit strategy that contains the key decisions about the scope, timing, and conduct of
a. Audit plan O
b. Note.
C ..Review working papers
d. Audit memo book
Choose the documents which should be included in the audit documentation
a. Summaries of significant matter
O b. Issue memoranda O
c. Audit program O
d. All the options
Chapter 5 Solutions
Loose-leaf For Auditing & Assurance Services: A Systematic Approach
Ch. 5 - Prob. 5.1RQCh. 5 - Prob. 5.2RQCh. 5 - Prob. 5.3RQCh. 5 - Prob. 5.4RQCh. 5 - Prob. 5.5RQCh. 5 - Prob. 5.6RQCh. 5 - Prob. 5.7RQCh. 5 - Prob. 5.8RQCh. 5 - Prob. 5.9RQCh. 5 - Prob. 5.10RQ
Ch. 5 - Prob. 5.11RQCh. 5 - Prob. 5.12RQCh. 5 - Prob. 5.13RQCh. 5 - Prob. 5.14RQCh. 5 - Prob. 5.15RQCh. 5 - Prob. 5.16RQCh. 5 - Prob. 5.17MCQCh. 5 - Prob. 5.18MCQCh. 5 - Prob. 5.19MCQCh. 5 - Prob. 5.20MCQCh. 5 - Prob. 5.21MCQCh. 5 - Prob. 5.22MCQCh. 5 - Prob. 5.23MCQCh. 5 - Prob. 5.24MCQCh. 5 - Prob. 5.25MCQCh. 5 - Prob. 5.26MCQCh. 5 - Prob. 5.27MCQCh. 5 - Prob. 5.28MCQCh. 5 - Prob. 5.29MCQCh. 5 - Prob. 5.30PCh. 5 - Prob. 5.31PCh. 5 - Prob. 5.32PCh. 5 - Prob. 5.33PCh. 5 - Prob. 5.34PCh. 5 - Prob. 5.35PCh. 5 - Prob. 5.36PCh. 5 - Prob. 5.37PCh. 5 - Prob. 5.38PCh. 5 - Prob. 5.39P
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Similar questions
- An audit plan is : a. The blueprint for conducting the audit and accomplishing the audit objectives. b. The flowchart for conducting the audit and accomplishing the audit objectives. c. The footprint for conducting the audit and accomplishing the audit objectives. d. The gannchart for conducting the audit and accomplishing the audit objectives.arrow_forwardThe final outcome of an audit process is a/an _______________ a. Audit report b. Profit or loss c. Balance sheet d. Income and expensearrow_forwardIn determining whether transactions have been recorded, the direction of the audit testing should be from the: A. General ledger balances B. Adjusted trial balance C. Original source documents D. General journal entriesarrow_forward
- Which of the following audit is a continuous process ? Risk Management Internal Audit Balance Sheet Preparation External Auditarrow_forwardWhich refers to the record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached. Audit documentation Audit File Audit Note Book Completion Memorandumarrow_forwardIn determining whether transactions were really exist, the direction of the audit testing should be from the A. Financial Statements B. Original Source Documents C.General Ledger Balances. D.General Journal Entriesarrow_forward
- Indicate a specific audit procedure under each of the following categories, as applied particularly in the sales and collection cycle.a. test of controlb. substantive test of transactionsc. substantive test of account balancesarrow_forwardAn audit plan containsa. Specifications of audit standards relevant to the financial statements being audited.b. Specifications of procedures the auditors believe appropriate for the financial statementsunder audit.c. Documentation of the assertions under audit, the evidence obtained, and the conclusionsreached.d. Reconciliation of the account balances in the financial statements with the account balances in the client’s general ledger.arrow_forwardAn audit strategy memorandum containsa. Specifications of auditing standards relevant to the financial statements being audited.b. Specifications of procedures the auditors believe appropriate for the financial statements under audit.c. Documentation of the assertions under audit, the evidence obtained, and the conclusions reached.d. Reconciliation of the account balances in the financial statements with the account balances in the client’s general ledger.arrow_forward
- An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit Select one: a. compliance audit b. operational audit c. financial statement audit d. production auditarrow_forwardName the record in which the auditor records the audit procedures performed, the relevant audit evidence was obtained and the conclusion reached. a. Audit evidence c b. Audit file x c. All options, D. Audit documentationarrow_forwardWhich of the following is required documentation in an audit in accordance with generally acceptedauditing standards? Group of answer choices a. A flowchart or narrative of the accounting system describing the recording and classification of transactions for financial reporting. b. All major stakeholder groups. c. An internal control questionnaire identifying controls that assure specific objectives will be achieved. d. The overall audit strategy and audit plan.arrow_forward
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