Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
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Chapter 6, Problem 48RSCQ
To determine
Introduction:
To evaluate: The procedures followed by the auditors in the circumastances hereby provided.
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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…
The auditing assesses the reliability and sufficiency of the information through _____________
a.
Comparison
b.
Testing
c.
Evaluation
d.
Judgement
Identify and then briefly explain the eight general audit procedures used to gather evidence.Next, please provide an example for each of the eight procedures.
Chapter 6 Solutions
Auditing: A Risk Based-Approach to Conducting a Quality Audit
Ch. 6 - Prob. 1TFQCh. 6 - Prob. 2TFQCh. 6 - Prob. 3TFQCh. 6 - Prob. 4TFQCh. 6 - Prob. 5TFQCh. 6 - Prob. 6TFQCh. 6 - Prob. 7TFQCh. 6 - Prob. 8TFQCh. 6 - Prob. 9TFQCh. 6 - Prob. 10TFQ
Ch. 6 - Prob. 11TFQCh. 6 - Prob. 12TFQCh. 6 - Prob. 13TFQCh. 6 - Prob. 14TFQCh. 6 - Prob. 15TFQCh. 6 - Prob. 16TFQCh. 6 - Prob. 17TFQCh. 6 - Prob. 18TFQCh. 6 - Prob. 19TFQCh. 6 - Prob. 20TFQCh. 6 - Prob. 21MCQCh. 6 - Prob. 22MCQCh. 6 - Prob. 23MCQCh. 6 - Prob. 24MCQCh. 6 - Prob. 25MCQCh. 6 - Prob. 26MCQCh. 6 - Prob. 27MCQCh. 6 - Prob. 28MCQCh. 6 - Prob. 29MCQCh. 6 - Prob. 30MCQCh. 6 - Prob. 31MCQCh. 6 - Prob. 32MCQCh. 6 - Prob. 33MCQCh. 6 - Prob. 34MCQCh. 6 - Prob. 35MCQCh. 6 - Prob. 36MCQCh. 6 - Prob. 37MCQCh. 6 - Prob. 38MCQCh. 6 - Prob. 39MCQCh. 6 - Prob. 40MCQCh. 6 - Prob. 41RSCQCh. 6 - Prob. 42RSCQCh. 6 - Prob. 43RSCQCh. 6 - Prob. 44RSCQCh. 6 - Refer to Exhibit 6.2 and describe the differences...Ch. 6 - Prob. 46RSCQCh. 6 - Prob. 48RSCQCh. 6 - Prob. 49RSCQCh. 6 - Prob. 50RSCQCh. 6 - Prob. 51RSCQCh. 6 - Prob. 52RSCQCh. 6 - Prob. 53RSCQCh. 6 - Indicate how the auditor could use substantive...Ch. 6 - Prob. 55RSCQCh. 6 - Prob. 56RSCQCh. 6 - Prob. 57RSCQCh. 6 - Prob. 58RSCQCh. 6 - Prob. 59RSCQCh. 6 - Prob. 60RSCQCh. 6 - Prob. 61RSCQCh. 6 - Prob. 62RSCQCh. 6 - Prob. 63RSCQCh. 6 - Prob. 64RSCQCh. 6 - Prob. 65RSCQCh. 6 - Prob. 66RSCQCh. 6 - Prob. 67RSCQCh. 6 - Prob. 68RSCQCh. 6 - Prob. 69FFCh. 6 - Prob. 70FFCh. 6 - Prob. 71FFCh. 6 - Prob. 72FFCh. 6 - MINISCRIBE (LO 1, 2) As reported in the Wall...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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.arrow_forwardAssume that an auditor has identified a number of CAMs. A. what are CAMs? b. For each CAMs, what should the auditor include inthe audit reportarrow_forwardPlease outline the audit process, concentrating on the notion of materiality in the audit plan, financial ratio interpretation, and audit evidence documentation and sampling?arrow_forward
- In which stage of audit the audit program will be created ? a. Fieldwork b. Reporting c. Planning d. Followuparrow_forwardAnalytical procedures are a critical part of audit work. Describe at least three different analytical procedures and explain how to perform each.arrow_forwardd) Name the four types of tests auditors normally perform in an audit after risk assessment is done.arrow_forward
- 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_forwardThe auditor's assessment of the reliability and sufficiency of the information contained in the underlying accounting records is a part of ______________ a. Audit Test b. Comparison c. Evaluation d. Judgementarrow_forwardDuring the planning phase of an audit client, Ana Alitick (auditor) utilises analytical procedures. These procedures range from simple comparisons to the use of complex models involving many relationships and elements of data. The procedures also include comparisons of recorded amounts, or ratios developed from recorded amounts, to expectations developed by the auditors.Required: 1) What are the purposes of analytical procedures? (2) What are the situations in the audit when analytical procedures can be used3) What types of comparisons are useful when performing preliminary analytical procedures.arrow_forward
- Apply your knowledge to perform audit procedures in the revenue and collection cycleand evaluate the findings of your tests.arrow_forwardWhat are the types of audit procedures used during substantive testing, briefly explain them.arrow_forwardOf the following types of audit evidence, which is themost persuasive?Select one: a. Prenumbered client purchase order forms. b. Client representation letter. c. Client work sheets supporting cost allocations. d. Bank statements obtained from the client.arrow_forward
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