Principles Of Auditing & Other Assurance Services
Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
Question
Book Icon
Chapter 6, Problem 15RQ
To determine

Identify the general objectives of the auditors’ substantive procedures related to the asset.

Blurred answer
Students have asked these similar questions
Which of the following audit procedures will apply to obtain the reliable audit evidence relating to the existence of tangible assets? O a. Reperformance O b. Confirmation O c. Inspection O d. Recalculation
Listed below are several of the auditors’ general objectives in performing substantive procedures on an asset account: Establish the existence of assets. Establish that the company has rights to the assets. Establish the completeness of recorded assets. Verify the cutoff of transactions. Determine the appropriate valuation of the assets. Establish the clerical accuracy of the underlying records. Determine the appropriate financial statement presentation and disclosure of the assets.   Required: Indicate the general objective (or objectives) of each of the following audit procedures:   a. Observe the client’s physical inventory.       b. Locate on the client’s premises a sample of the equipment items listed in the subsidiary plant and equipment ledger.       c. Obtain a listing of inventory and reconcile the total to the general ledger.       d. Trace a sample of shipping documents to recorded sales transactions.       e. Identify related parties.       f. Vouch selected purchases of…
What assertions found in PP&E, investments, and intangibles accounts are of interest to an auditor during the examination of the expenditure and acquisition cycle?
Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Business/Professional Ethics Directors/Executives...
Accounting
ISBN:9781337485913
Author:BROOKS
Publisher:Cengage
Text book image
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub