Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: The category and the primary assertion being tested insending a written request to the client's customers requesting that they report the amount owed to the client.

Question

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Answer 1

Question

Chapter 5, Problem 5.33P

a.

To determine

Concept introduction:Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested insending a written request to the client's customers requesting that they report the amount owed to the client.

a.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Explanation of Solution

The category and the primary assertion being tested in Sending a written request to the client's customers requesting that they report the amount owed to the client is account balances and existence respectively.

b.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period.

b.

Expert Solution

Answer to Problem 5.33P

Transactions and events, Cutoff.

Explanation of Solution

The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period are Transactions and events and cutoff respectively.

c.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account.

c.

Expert Solution

Answer to Problem 5.33P

Account balances, Completeness.

Explanation of Solution

The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account are account balances and completeness respectively.

d.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager.

d.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager are account balances, and valuation and allocation respectively.

e.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years.

e.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years are account balances, and valuation and allocation respectively.

f.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received.

f.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Explanation of Solution

The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received are account balance and existence respectively.

g.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory.

g.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Explanation of Solution

The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory are account balances and completeness or existence respectively.

h.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material.

h.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Explanation of Solution

The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material are account balances and completeness or existence respectively.

i.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client.

i.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation and Completeness.

Explanation of Solution

The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client are Account balances, Valuation and allocation and Completeness respectively.

j.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list.

j.

Expert Solution

Answer to Problem 5.33P

Transaction and events, Accuracy.

Explanation of Solution

The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list are Transaction and events, Accuracy respectively.

k.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries.

k.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries are Account balances, and Valuation and allocation respectively.

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Answer 2

Question

Chapter 5, Problem 5.33P

a.

To determine

Concept introduction:Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested insending a written request to the client's customers requesting that they report the amount owed to the client.

a.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Explanation of Solution

The category and the primary assertion being tested in Sending a written request to the client's customers requesting that they report the amount owed to the client is account balances and existence respectively.

b.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period.

b.

Expert Solution

Answer to Problem 5.33P

Transactions and events, Cutoff.

Explanation of Solution

The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period are Transactions and events and cutoff respectively.

c.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account.

c.

Expert Solution

Answer to Problem 5.33P

Account balances, Completeness.

Explanation of Solution

The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account are account balances and completeness respectively.

d.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager.

d.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager are account balances, and valuation and allocation respectively.

e.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years.

e.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years are account balances, and valuation and allocation respectively.

f.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received.

f.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Explanation of Solution

The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received are account balance and existence respectively.

g.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory.

g.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Explanation of Solution

The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory are account balances and completeness or existence respectively.

h.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material.

h.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Explanation of Solution

The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material are account balances and completeness or existence respectively.

i.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client.

i.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation and Completeness.

Explanation of Solution

The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client are Account balances, Valuation and allocation and Completeness respectively.

j.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list.

j.

Expert Solution

Answer to Problem 5.33P

Transaction and events, Accuracy.

Explanation of Solution

The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list are Transaction and events, Accuracy respectively.

k.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries.

k.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries are Account balances, and Valuation and allocation respectively.

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Answer 3

Question

Chapter 5, Problem 5.33P

a.

To determine

Concept introduction:Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested insending a written request to the client's customers requesting that they report the amount owed to the client.

a.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Explanation of Solution

The category and the primary assertion being tested in Sending a written request to the client's customers requesting that they report the amount owed to the client is account balances and existence respectively.

b.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period.

b.

Expert Solution

Answer to Problem 5.33P

Transactions and events, Cutoff.

Explanation of Solution

The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period are Transactions and events and cutoff respectively.

c.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account.

c.

Expert Solution

Answer to Problem 5.33P

Account balances, Completeness.

Explanation of Solution

The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account are account balances and completeness respectively.

d.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager.

d.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager are account balances, and valuation and allocation respectively.

e.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years.

e.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years are account balances, and valuation and allocation respectively.

f.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received.

f.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Explanation of Solution

The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received are account balance and existence respectively.

g.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory.

g.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Explanation of Solution

The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory are account balances and completeness or existence respectively.

h.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material.

h.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Explanation of Solution

The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material are account balances and completeness or existence respectively.

i.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client.

i.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation and Completeness.

Explanation of Solution

The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client are Account balances, Valuation and allocation and Completeness respectively.

j.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list.

j.

Expert Solution

Answer to Problem 5.33P

Transaction and events, Accuracy.

Explanation of Solution

The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list are Transaction and events, Accuracy respectively.

k.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries.

k.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries are Account balances, and Valuation and allocation respectively.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 5, Problem 5.33P

a.

To determine

Concept introduction:Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested insending a written request to the client's customers requesting that they report the amount owed to the client.

a.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Explanation of Solution

The category and the primary assertion being tested in Sending a written request to the client's customers requesting that they report the amount owed to the client is account balances and existence respectively.

b.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period.

b.

Expert Solution

Answer to Problem 5.33P

Transactions and events, Cutoff.

Explanation of Solution

The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period are Transactions and events and cutoff respectively.

c.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account.

c.

Expert Solution

Answer to Problem 5.33P

Account balances, Completeness.

Explanation of Solution

The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account are account balances and completeness respectively.

d.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager.

d.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager are account balances, and valuation and allocation respectively.

e.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years.

e.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years are account balances, and valuation and allocation respectively.

f.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received.

f.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Explanation of Solution

The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received are account balance and existence respectively.

g.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory.

g.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Explanation of Solution

The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory are account balances and completeness or existence respectively.

h.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material.

h.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Explanation of Solution

The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material are account balances and completeness or existence respectively.

i.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client.

i.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation and Completeness.

Explanation of Solution

The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client are Account balances, Valuation and allocation and Completeness respectively.

j.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list.

j.

Expert Solution

Answer to Problem 5.33P

Transaction and events, Accuracy.

Explanation of Solution

The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list are Transaction and events, Accuracy respectively.

k.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries.

k.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries are Account balances, and Valuation and allocation respectively.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 5, Problem 5.33P

a.

To determine

Concept introduction:Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested insending a written request to the client's customers requesting that they report the amount owed to the client.

a.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Explanation of Solution

The category and the primary assertion being tested in Sending a written request to the client's customers requesting that they report the amount owed to the client is account balances and existence respectively.

b.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period.

b.

Expert Solution

Answer to Problem 5.33P

Transactions and events, Cutoff.

Explanation of Solution

The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period are Transactions and events and cutoff respectively.

c.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account.

c.

Expert Solution

Answer to Problem 5.33P

Account balances, Completeness.

Explanation of Solution

The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account are account balances and completeness respectively.

d.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager.

d.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager are account balances, and valuation and allocation respectively.

e.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years.

e.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years are account balances, and valuation and allocation respectively.

f.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received.

f.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Explanation of Solution

The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received are account balance and existence respectively.

g.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory.

g.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Explanation of Solution

The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory are account balances and completeness or existence respectively.

h.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material.

h.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Explanation of Solution

The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material are account balances and completeness or existence respectively.

i.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client.

i.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation and Completeness.

Explanation of Solution

The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client are Account balances, Valuation and allocation and Completeness respectively.

j.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list.

j.

Expert Solution

Answer to Problem 5.33P

Transaction and events, Accuracy.

Explanation of Solution

The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list are Transaction and events, Accuracy respectively.

k.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries.

k.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries are Account balances, and Valuation and allocation respectively.

Answer 6

Chapter 5, Problem 5.33P

a.

To determine

Concept introduction:Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested insending a written request to the client's customers requesting that they report the amount owed to the client.

a.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Explanation of Solution

The category and the primary assertion being tested in Sending a written request to the client's customers requesting that they report the amount owed to the client is account balances and existence respectively.

Answer 7

Chapter 5, Problem 5.33P

a.

To determine

Concept introduction:Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested insending a written request to the client's customers requesting that they report the amount owed to the client.

Answer 8

a.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Answer 9

a.

Expert Solution

Answer 10

a.

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

The category and the primary assertion being tested in Sending a written request to the client's customers requesting that they report the amount owed to the client is account balances and existence respectively.

Answer 13

b.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period.

b.

Expert Solution

Answer to Problem 5.33P

Transactions and events, Cutoff.

Explanation of Solution

The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period are Transactions and events and cutoff respectively.

Answer 14

b.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period.

Answer 15

b.

Expert Solution

Answer to Problem 5.33P

Transactions and events, Cutoff.

Answer 16

b.

Expert Solution

Answer 17

b.

Expert Solution

Answer 18

Expert Solution

Answer 19

Explanation of Solution

The category and the primary assertion being tested in examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period are Transactions and events and cutoff respectively.

Answer 20

c.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account.

c.

Expert Solution

Answer to Problem 5.33P

Account balances, Completeness.

Explanation of Solution

The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account are account balances and completeness respectively.

Answer 21

c.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account.

Answer 22

c.

Expert Solution

Answer to Problem 5.33P

Account balances, Completeness.

Answer 23

c.

Expert Solution

Answer 24

c.

Expert Solution

Answer 25

Expert Solution

Answer 26

Explanation of Solution

The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account are account balances and completeness respectively.

Answer 27

d.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager.

d.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager are account balances, and valuation and allocation respectively.

Answer 28

d.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager.

Answer 29

d.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Answer 30

d.

Expert Solution

Answer 31

d.

Expert Solution

Answer 32

Expert Solution

Answer 33

Explanation of Solution

The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager are account balances, and valuation and allocation respectively.

Answer 34

e.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years.

e.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years are account balances, and valuation and allocation respectively.

Answer 35

e.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years.

Answer 36

e.

Expert Solution

Answer to Problem 5.33P

Account balances, valuation and allocation.

Answer 37

e.

Expert Solution

Answer 38

e.

Expert Solution

Answer 39

Expert Solution

Answer 40

Explanation of Solution

The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years are account balances, and valuation and allocation respectively.

Answer 41

f.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received.

f.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Explanation of Solution

The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received are account balance and existence respectively.

Answer 42

f.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received.

Answer 43

f.

Expert Solution

Answer to Problem 5.33P

Account balances, Existence.

Answer 44

f.

Expert Solution

Answer 45

f.

Expert Solution

Answer 46

Expert Solution

Answer 47

Explanation of Solution

The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received are account balance and existence respectively.

Answer 48

g.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory.

g.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Explanation of Solution

The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory are account balances and completeness or existence respectively.

Answer 49

g.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory.

Answer 50

g.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Answer 51

g.

Expert Solution

Answer 52

g.

Expert Solution

Answer 53

Expert Solution

Answer 54

Explanation of Solution

The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory are account balances and completeness or existence respectively.

Answer 55

h.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material.

h.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Explanation of Solution

The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material are account balances and completeness or existence respectively.

Answer 56

h.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material.

Answer 57

h.

Expert Solution

Answer to Problem 5.33P

Account balances, completeness or existence.

Answer 58

h.

Expert Solution

Answer 59

h.

Expert Solution

Answer 60

Expert Solution

Answer 61

Explanation of Solution

The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material are account balances and completeness or existence respectively.

Answer 62

i.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client.

i.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation and Completeness.

Explanation of Solution

The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client are Account balances, Valuation and allocation and Completeness respectively.

Answer 63

i.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client.

Answer 64

i.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation and Completeness.

Answer 65

i.

Expert Solution

Answer 66

i.

Expert Solution

Answer 67

Expert Solution

Answer 68

Explanation of Solution

The category and the primary assertion being tested in obtaining a letter from the client's attorney indicating that there were no lawsuits in progress against the client are Account balances, Valuation and allocation and Completeness respectively.

Answer 69

j.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list.

j.

Expert Solution

Answer to Problem 5.33P

Transaction and events, Accuracy.

Explanation of Solution

The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list are Transaction and events, Accuracy respectively.

Answer 70

j.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list.

Answer 71

j.

Expert Solution

Answer to Problem 5.33P

Transaction and events, Accuracy.

Answer 72

j.

Expert Solution

Answer 73

j.

Expert Solution

Answer 74

Expert Solution

Answer 75

Explanation of Solution

The category and the primary assertion being tested in tracing the prices used by the client's billing program for pricing sales invoices to the client's approved price list are Transaction and events, Accuracy respectively.

Answer 76

k.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries.

k.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation.

Explanation of Solution

The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries are Account balances, and Valuation and allocation respectively.

Answer 77

k.

To determine

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries.

Answer 78

k.

Expert Solution

Answer to Problem 5.33P

Account balances, Valuation and allocation.

Answer 79

k.

Expert Solution

Answer 80

k.

Expert Solution

Answer 81

Expert Solution

Answer 82

Explanation of Solution

The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries are Account balances, and Valuation and allocation respectively.

Answer 83

Ch. 5 - Prob. 5.1RQ Ch. 5 - Prob. 5.2RQ Ch. 5 - Prob. 5.3RQ Ch. 5 - Prob. 5.4RQ Ch. 5 - Prob. 5.5RQ Ch. 5 - Prob. 5.6RQ Ch. 5 - Prob. 5.7RQ Ch. 5 - Prob. 5.8RQ Ch. 5 - Prob. 5.9RQ Ch. 5 - Prob. 5.10RQ

Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: The category and the primary assertion being tested insending a written request to the client's customers requesting that they report the amount owed to the client.

Concept explainers

Concept introduction:Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested insending a written request to the client's customers requesting that they report the amount owed to the client.

Answer to Problem 5.33P

Explanation of Solution

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account.

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager.

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years.

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received.

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory.

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material.

Answer to Problem 5.33P

Explanation of Solution

Answer to Problem 5.33P

Explanation of Solution

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries.

Answer to Problem 5.33P

Explanation of Solution

Want to see more full solutions like this?

Chapter 5 Solutions

Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: The category and the primary assertion being tested insending a written request to the client's customers requesting that they report the amount owed to the client.

Concept explainers

Concept introduction:Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: The category and the primary assertion being tested insending a written request to the client's customers requesting that they report the amount owed to the client.

Answer to Problem 5.33P

Explanation of Solution

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account.

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager.

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years.

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received.

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory.

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material.

Answer to Problem 5.33P

Explanation of Solution

Answer to Problem 5.33P

Explanation of Solution

Answer to Problem 5.33P

Explanation of Solution

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries.

Answer to Problem 5.33P

Explanation of Solution

Want to see more full solutions like this?

Chapter 5 Solutions

Concept introduction:Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested insending a written request to the client's customers requesting that they report the amount owed to the client.

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account.

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in discussing the adequacy of the allowance for doubtful accounts with the credit manager.

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in comparing the current-year gross profit percentage with the gross profit percentage for the last four years.

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being testedin examining a new plastic extrusion machine to ensure that this major acquisition was received.

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in watching the client's warehouse personnel count the raw materials inventory.

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in performing test counts of the warehouse personnel's count of the raw material.

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence.

To indicate: The category and the primary assertion being tested in reviewing the general ledger for unusual adjusting entries.