Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN: 9781337619455
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: Cengage Learning
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Question
Chapter 6, Problem 20CYBK
To determine
Introduction: It is about the statement which is true with relation to the audit program.
To choose: Select the true statement
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Students have asked these similar questions
Which of the following is the major purpose of performing analytical procedures in internal audits?
a. To perform additional audit procedures.
b. To plan the audit engagement.
c. To obtain audit evidence.
d. To study relationships among elements of information.
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.
Listed in the table below are some common audit procedures. For each procedure below:
Identify whether it is a test of control (TOC), substantive test of transaction (STOT), analytical procedure (AP) or a test of details of balances (TODOB). Write your answer in the 2nd column of the table below.
State one audit objective that is being satisfied. Write your answer in the 3rd column of the table below.
Procedure
(a) Type of Test
(b) Audit Objective
Example: Compare the quantity and description of items on duplicate sales invoices with related shipping documents.
STOT
Accuracy
1.Foot the list of accounts payable and trace the balance to the general ledger.
2. Account for the sequence of purchase orders
3. Select a sample of purchase transactions from purchase journal and trace them to vendors’ invoices and statements
4. Exam cash payments subsequent to the balance date to see if they are related to unrecorded…
Chapter 6 Solutions
Auditing: A Risk Based-Approach (MindTap Course List)
Ch. 6 - Prob. 1CYBKCh. 6 - Prob. 2CYBKCh. 6 - Prob. 3CYBKCh. 6 - Which of the following statements is true...Ch. 6 - Prob. 5CYBKCh. 6 - Prob. 6CYBKCh. 6 - Prob. 7CYBKCh. 6 - Prob. 8CYBKCh. 6 - Prob. 9CYBKCh. 6 - Prob. 10CYBK
Ch. 6 - Prob. 11CYBKCh. 6 - Prob. 12CYBKCh. 6 - Prob. 13CYBKCh. 6 - Prob. 14CYBKCh. 6 - Prob. 15CYBKCh. 6 - Prob. 16CYBKCh. 6 - Prob. 17CYBKCh. 6 - Prob. 18CYBKCh. 6 - Prob. 19CYBKCh. 6 - Prob. 20CYBKCh. 6 - Prob. 1RQSCCh. 6 - Prob. 2RQSCCh. 6 - Prob. 3RQSCCh. 6 - Prob. 4RQSCCh. 6 - Refer to Exhibit 6.2 and describe the differences...Ch. 6 - Prob. 6RQSCCh. 6 - Prob. 7RQSCCh. 6 - Prob. 8RQSCCh. 6 - Prob. 10RQSCCh. 6 - Prob. 11RQSCCh. 6 - Prob. 12RQSCCh. 6 - Prob. 13RQSCCh. 6 - Prob. 14RQSCCh. 6 - Prob. 15RQSCCh. 6 - Indicate how the auditor could use substantive...Ch. 6 - Prob. 17RQSCCh. 6 - Prob. 18RQSCCh. 6 - Prob. 19RQSCCh. 6 - Prob. 20RQSCCh. 6 - Prob. 21RQSCCh. 6 - Prob. 22RQSCCh. 6 - Prob. 23RQSCCh. 6 - Prob. 24RQSCCh. 6 - Prob. 25RQSCCh. 6 - Prob. 26RQSCCh. 6 - Prob. 27RQSCCh. 6 - Prob. 28RQSCCh. 6 - Prob. 29FFCh. 6 - Prob. 30FFCh. 6 - Prob. 31FFCh. 6 - Prob. 32FFCh. 6 - Prob. 33FFCh. 6 - MINISCRIBE (LO 1, 2) As reported in the Wall...
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Similar questions
- 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 optionsarrow_forwardA(n) ________ is the detailed instruction that explains the audit evidence to be obtained during the audit Select one: a. audit program b. audit procedure c. audit assertion d. audit objectivearrow_forwardThe following are procedures to obtain audit evidence except: a. Physical examination. b. Organization. c. Confirmation. d. Analytical procedures.arrow_forward
- 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 bookarrow_forwardWhich of the following BEST describes the purpose of the audit planning phase? a) To determine the timing of the audit work. b) To communicate the results of the audit. c) To document the scope, objective(s), preliminary risk assessment and plan for the audit. d) To document the plan for substantive audit requirements.arrow_forwardWhen collecting audit evidence the nature, timing and extent of the evidence play a critical role. What do these terms refer to in relation to evidence that is collected?arrow_forward
- Which of the following BEST (select one) describes the purpose of the audit work program? a) To communicate the results of the audit. b) To document the plan, scope and objectives of the audit. c) To document that sufficient and reliable evidence was obtained to support the audit objectives. d) To verify and substantiate the results of the preliminary field work.arrow_forwardIn which stage of audit the audit program will be created ? a. Fieldwork b. Reporting c. Planning d. Followuparrow_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_forward
- In the auditor's current audit documentation files, what is regarded to be the most significant content?arrow_forwardAn audit process is a way of describing what it means to conduct an audit. Is there a reason why audit processes should be written in a precise manner?arrow_forwardThe audit process is the sequence of different activities involved in an audit. Identify the phase in the audit that is captured by this primary objective: 1. To assess and evaluate the quality of services delivered by the engagement team. * 2. To assess the different risks associated with the audit to determine the nature, timing and extent of further audit procedures necessary to be performed. * 3. To assist the auditor in assessing conclusion reached whether it is consistent with evidence gathered. * Pre-engagement Audit planning Consideration of internal controls Evidence-gathering (substantive testing) Completing the audit Issuance of the audit report Post-audit responsibilitiesarrow_forward
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