Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: Factors that affect reliability of confirmations.

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Answer 1

Question

Chapter 5, Problem 5.36P

a.

To determine

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

To indicate: Factors that affect reliability of confirmations.

b.

To determine

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

To indicate: Steps auditors have taken to ensure that bank confirmations were reliable.

c.

To determine

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

To indicate: Information on abc financial statements that might be verified through the use of confirmations.

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Students have asked these similar questions

Which of the following is most closely related to the relevance of audit evidence?a. Auditors decide to physically inspect investment securities held by a custodian instead of obtaining confirmations from the custodian.b. In addition to confirmations of accounts receivable, auditors perform an analysis of the aging of accounts receivable to evaluate the collectability of accounts receivable.c. In response to less effective internal control, auditors increase the number of customer accounts receivable confirmations mailed compared to that in the prior year.d. Because of a large number of transactions occurring near year-end, auditors decide to confirm a larger number of receivables following year-end instead of during the interim period.

1. What are the key differences between a conventional audit and a fraud examination? 2. To what extent does an auditor of financial statements have a responsibility to detect fraud?

Which of the following statements describes why a properly designed and executedaudit may not detect a material misstatement in the financial statements resultingfrom fraud?(1) Audit procedures that are effective for detecting unintentional misstatements maybe ineffective for an intentional misstatement that is concealed through collusion.(2) An audit is designed to provide reasonable assurance of detecting materialerrors, but there is no similar responsibility concerning fraud.(3) The factors considered in assessing control risk indicated an increased risk ofintentional misstatements, but only a low risk of unintentional misstatements.(4) The auditor did not consider factors influencing audit risk for account balancesthat have effects pervasive to the financial statements taken as a whole

Answer 2

Question

Chapter 5, Problem 5.36P

a.

To determine

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

To indicate: Factors that affect reliability of confirmations.

b.

To determine

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

To indicate: Steps auditors have taken to ensure that bank confirmations were reliable.

c.

To determine

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

To indicate: Information on abc financial statements that might be verified through the use of confirmations.

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Answer 3

Question

Chapter 5, Problem 5.36P

a.

To determine

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

To indicate: Factors that affect reliability of confirmations.

b.

To determine

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

To indicate: Steps auditors have taken to ensure that bank confirmations were reliable.

c.

To determine

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

To indicate: Information on abc financial statements that might be verified through the use of confirmations.

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 5.36P

a.

To determine

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

To indicate: Factors that affect reliability of confirmations.

b.

To determine

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

To indicate: Steps auditors have taken to ensure that bank confirmations were reliable.

c.

To determine

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

To indicate: Information on abc financial statements that might be verified through the use of confirmations.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 5.36P

a.

To determine

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

To indicate: Factors that affect reliability of confirmations.

b.

To determine

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

To indicate: Steps auditors have taken to ensure that bank confirmations were reliable.

c.

To determine

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

To indicate: Information on abc financial statements that might be verified through the use of confirmations.

Answer 6

Chapter 5, Problem 5.36P

a.

To determine

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

To indicate: Factors that affect reliability of confirmations.

Answer 7

Chapter 5, Problem 5.36P

a.

To determine

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

To indicate: Factors that affect reliability of confirmations.

Answer 8

b.

To determine

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

To indicate: Steps auditors have taken to ensure that bank confirmations were reliable.

Answer 9

b.

To determine

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

To indicate: Steps auditors have taken to ensure that bank confirmations were reliable.

Answer 10

c.

To determine

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

To indicate: Information on abc financial statements that might be verified through the use of confirmations.

Answer 11

c.

To determine

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

To indicate: Information on abc financial statements that might be verified through the use of confirmations.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

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: Factors that affect reliability of confirmations.

Solution Summary: The author explains that audit procedures are processes and techniques that auditors perform to obtain audit evidence. Factors that affect reliability of confirmations are if external party is also involved in fraud.

Concept explainers

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

To indicate: Factors that affect reliability of confirmations.

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

To indicate: Steps auditors have taken to ensure that bank confirmations were reliable.

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

To indicate: Information on abc financial statements that might be verified through the use of confirmations.

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Chapter 5 Solutions

Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: Factors that affect reliability of confirmations.

Solution Summary: The author explains that audit procedures are processes and techniques that auditors perform to obtain audit evidence. Factors that affect reliability of confirmations are if external party is also involved in fraud.

Concept explainers

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: Factors that affect reliability of confirmations.

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: Steps auditors have taken to ensure that bank confirmations were reliable.

Concept introduction: Audit procedures are processes and techniques that auditors perform to obtain audit evidence. To indicate: Information on abc financial statements that might be verified through the use of confirmations.

Want to see the full answer?

Chapter 5 Solutions

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

To indicate: Factors that affect reliability of confirmations.

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

To indicate: Steps auditors have taken to ensure that bank confirmations were reliable.

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

To indicate: Information on abc financial statements that might be verified through the use of confirmations.