EBK AUDITING & ASSURANCE SERVICES: A SY
11th Edition
ISBN: 9781260687668
Author: Jr
Publisher: MCGRAW-HILL LEARNING SOLN.(CC)
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Question
Chapter 5, Problem 5.8RQ
To determine
Concept Introduction:
Vouching means the checking of transactions from accounting journal and then examining the supporting documents to check the accuracy of the transaction.
Tracing means checking of the source of the document and then check the accuracy of that source in the accounting journal.
The vouching process is the opposite of the tracing process.
To indicate:The difference between vouching and tracing in terms of direction of testing.
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Students have asked these similar questions
In a situation that uses inspection of records and documents as a type of evidence, distinguish between vouching and tracing in terms of the direction of testing.
When inspecting records and documents as a sort of evidence, make a distinction between vouching and tracing in terms of the direction in which the testing is conducted.
Which of the following is not a technique of collecting audit evidence?
a.
Analytical procedures.
b.
Observation and inspection.
c.
Collecting primary data
d.
Inquiries from third parties.
Chapter 5 Solutions
EBK AUDITING & ASSURANCE SERVICES: A SY
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
- Discuss how the process of getting IT audit evidence differs fundamentally from the method of acquiring evidence in a manual system.arrow_forwardDistinguish between internal documentation and external documentation as types of audit evidence. Give two examples of each. Which type is considered more reliable?arrow_forwardWhy is it necessary to evaluate the attributes of audit evidence? Explainarrow_forward
- What are analytical procedures? Describe how they can be used assubstantive tests in an audit.arrow_forwardWhat do you focus on most when evaluating the relevance of information or audit evidence? Whether the information is obtained directly or indirectly. Whether the information comes from a reputable source. The completeness and accuracy of the information. The relationship of the information to the objective of the procedure being performed.arrow_forwardWhat are the different types of analytical procedures? Describe how they may be utilized in an audit as substantial tests.arrow_forward
- When testing the existence assertion, the auditor will take the vouching direction when examining documents. * True Falsearrow_forwardWhat is the primary constraint on audit evidence?arrow_forwardAn audit procedure that involves taking a sample of recorded transactions and obtaining original source documents supporting the recorded transactions is referred to as what? a. vouching b. directional testing c. a walk-through d. tracingarrow_forward
- Discuss the meaning of "sufficient appropiate audit evidence"arrow_forwardWhat are the most often used audit processes for verifying the existence of a claim?arrow_forwardHow the relevancy deals in the information to be used as an Audit Evidence? O a. Audit evidence in document form is more relevant O b. Logical connection between purpose of the audit procedure and the assertion under consideration O . Relevancy is increased when obtained from dependent sources O d. Confirmation from the third partiesarrow_forward
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