AUDITING & ASSURANCE SERVICES CONNECT AC
10th Edition
ISBN: 9781259292057
Author: MESSIER
Publisher: MCG
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Chapter 7, Problem 7.10RQ
To determine
Concept Introduction:
Walkthrough is the process in which auditors is to go over all the financial transactions, both recurring and non-recurring, through the company’s information system till they were included in the company's financial reports.
To discuss:The auditor can obtain following evidences by performing walkthrough:
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Students have asked these similar questions
An 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. tracing
What is the importance of knowing the Transaction Cycles in Auditing?
Discuss how the process of getting IT audit evidence differs fundamentally from the method of acquiring evidence in a manual system.
Chapter 7 Solutions
AUDITING & ASSURANCE SERVICES CONNECT AC
Ch. 7 - Prob. 7.1RQCh. 7 - Prob. 7.2RQCh. 7 - Prob. 7.3RQCh. 7 - Prob. 7.4RQCh. 7 - Prob. 7.5RQCh. 7 - Prob. 7.6RQCh. 7 - Prob. 7.7RQCh. 7 - Prob. 7.8RQCh. 7 - Prob. 7.9RQCh. 7 - Prob. 7.10RQ
Ch. 7 - Prob. 7.11RQCh. 7 - Prob. 7.12RQCh. 7 - Prob. 7.13RQCh. 7 - Prob. 7.14RQCh. 7 - Prob. 7.15RQCh. 7 - Prob. 7.16RQCh. 7 - Prob. 7.17RQCh. 7 - Prob. 7.18RQCh. 7 - Prob. 7.19MCQCh. 7 - Prob. 7.20MCQCh. 7 - Prob. 7.21MCQCh. 7 - Prob. 7.22MCQCh. 7 - Prob. 7.23MCQCh. 7 - Prob. 7.24MCQCh. 7 - Prob. 7.25MCQCh. 7 - Prob. 7.26MCQCh. 7 - Prob. 7.27MCQCh. 7 - Prob. 7.28MCQCh. 7 - Prob. 7.29MCQCh. 7 - Prob. 7.30MCQCh. 7 - Prob. 7.31MCQCh. 7 - Prob. 7.32MCQCh. 7 - Prob. 7.33MCQCh. 7 - Prob. 7.34PCh. 7 - Prob. 7.35PCh. 7 - Prob. 7.36PCh. 7 - Prob. 7.37PCh. 7 - Prob. 7.38PCh. 7 - Prob. 7.39PCh. 7 - Prob. 7.40PCh. 7 - Prob. 7.41PCh. 7 - Prob. 7.42PCh. 7 - Prob. 7.43PCh. 7 - Prob. 7.44PCh. 7 - Prob. 7.45P
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Similar questions
- How does Real Time Processing affect an audit?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_forwardIn 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.arrow_forward
- What 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_forwardAn audit trail is a step-by-step record by which accounting data can be traced to its source. Therefore, Vouching is used primarily to test which of the following assertions about classes of transaction? Select one: a.Accuracy. b.Completeness. c. Cut-off d. Occurrencearrow_forwardA system that traces the detailed transactions relating to any item in an accounting record could be define as an audit trail. Therefore, Tracing is used primarily to test which of the following assertions about classes of transactions? Select one: a. Valuation and Allocation. b. Accuracy. c. Existence. d. Completenessarrow_forward
- What is information risk when it pertains to auditing?arrow_forwardIn gathering evidence to conduct an audit, it is important for the following information: identification of the name of the client, period covered, description of the contents, initial of the preparer, date of the preparation, and an index code. explain why it is important for these items to be included in the evidence gathering.arrow_forwardThe most commonly used form of audit evidence is: a. Oral representation b. Written documents c. Visual observations d. Analytical procedurearrow_forward
- An internal auditor is examining the effectiveness of procedures management established to protect customer data from cyberattacks and whether those procedures are cost effective. This is an example of an operational audit. Question options: True Falsearrow_forwardWhy are external documents considered more reliable evidence than internal documents? What aspects of internal documents would help to increase their reliability?arrow_forwardWhat is the fraud audit?arrow_forward
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