Homework Answers
Q-16
Answer is b - Audit procedure may be performed on the balance sheet date and subsequent to the balance sheet date
Q-17
Answer is b - Directional testing for completeness
Q-18
Answer is d - It tests for existence and completeness simultaneously.
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16. When may audit procedures be performed? I - on the balance sheet date. II -...
c. Inspection d. Observation ANSWER: 16. When may audit procedures be performed? I - on the...
c. Inspection d. Observation ANSWER: 16. When may audit procedures be performed? I - on the balance sheet date. II - prior to the balance sheet date. III - subsequent to the balance sheet date. a. I only. b. I and III only. c. II only. d. I, II, and III. ANSWER: 17. An auditor selects a sample of items recorded and traces them bac documentation. This is an example of which of the following? a. Directional testing for existence....
Question 8 All audit procedures need to be performed after the balance sheet date and before...
Question 8 All audit procedures need to be performed after the balance sheet date and before the issuance of the GAAP financial statements. True False Question 9 The quantity of audit evidence needed when testing an account balance is influenced by the risk of material misstatement in that account True False Question 10 When testing the operational effectiveness of a control, the frequency with which the control is performed can influence the sample size to be used by the auditor. ...
When testing cash balances at the balance sheet date, the auditor foots the bank reconciliation and...
When testing cash balances at the balance sheet date, the auditor foots the bank reconciliation and traces its reported book balance to the trial balance and its bank balance to the standard confirmation. Which of the following assertions is being tested with these procedures? a. Rights. b. Valuation. c. Existence. d. All of the above.
If the auditor is performing substantive tests at an interim date, the auditor must perform steps...
If the auditor is performing substantive tests at an interim date, the auditor must perform steps to update their conclusion to the date of the financial statements. True False Flag this Question Question 2 Audit data analytics can be used _______. -only at the beginning of the audit -only at the end of the audit. -by the internal audit function only -at virtually any phase of the audit Question 3 Once the auditor has planned the application of audit data...
1. Consider the following statements: I. Per auditing standards, the successor [new] audit firm is...
1. Consider the following statements: I. Per auditing standards, the successor [new] audit firm is required to initiate communication with the predecessor [old] audit firm. II. The predecessor auditor might communicate, to the successor auditor, information related to client management’s integrity. a. I is true; II is true b. I is true; II is false c. I is false; II is true d. I is false; II is false 2. “A letter...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit procedures that will be performed every year for the client. c. How an auditor should think while performing audit procedures d. Audit objectives and procedures to be followed during the audit process ANSWER 24. Which one of the following is the primary reason for documenting audit work? a. To prevent litigation by other parties that question the audit performance. b. To provide a stand-alone...
(d) LIST OF AUDIT PROCEDURES PERFORMED FOR INVENTORY Audit Procedure Management Assertion (a) The auditor determined...
(d) LIST OF AUDIT PROCEDURES PERFORMED FOR INVENTORY Audit Procedure Management Assertion (a) The auditor determined that pledged inventory was identified in a note. (b) The auditor confirmed goods held by the client in a public warehouse. The auditor performed a purchases cutofftest to assure all purchase transactions for the year were included in the balance. The auditor accounted for the numerical sequence of purchase orders. The auditor vouched the recorded payables to receiving documents. (f) The auditor determined that...
matching QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees...
matching
QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees with the statement. Each term is used only once and each statement requires only one letter. Professional services where an auditor testifies as an expert witness Assurance services in accounting, auditing, or tax matters. • A list of audit procedures for testing accounts receivable. The auditor examines the effectiveness of organizations, programs, d. Performance Audit activities, or functions of an entity. e Compliance Audit...
22. Auditors consider financial statement assertions to identify appropriate audit procedures. For items i through vi,...
22. Auditors consider financial statement assertions to identify appropriate audit procedures. For items i through vi, match each assertion with the statement that most closely approximates its meaning. Each statement may be used only once. (Use letters a. – f. below.) Assertion Statement i. Completeness ii. Cutoff iii. Existence and occurrence iv. Presentation and disclosure v. Rights and obligations vi. Valuation a.The company legally owns the assets, and are legally on the line for paying liabilities. b. Accounts receivable and...
1. Consider the following statements: I. Lapping involves covering a theft related to accounts receivable...
1. Consider the following statements: I. Lapping involves covering a theft related to accounts receivable by using a later cash receipt to cover the previous theft. II. A “positive confirmation” requests that customers respond whether they agree or not with the amount due to the entity stated in the confirmation. a. I is true; II is true b. I is true; II is false c. I is false; II is true d....
c. Inspection d. Observation ANSWER: 16. When may audit procedures be performed? I - on the balance sheet date. II - prior to the balance sheet date. III - subsequent to the balance sheet date. a. I only. b. I and III only. c. II only. d. I, II, and III. ANSWER: 17. An auditor selects a sample of items recorded and traces them bac documentation. This is an example of which of the following? a. Directional testing for existence....
a The type of audit opinion to be rendered based upon procedures performed. b. The audit procedures that will be performed every year for the client. c. How an auditor should think while performing audit procedures d. Audit objectives and procedures to be followed during the audit process ANSWER 24. Which one of the following is the primary reason for documenting audit work? a. To prevent litigation by other parties that question the audit performance. b. To provide a stand-alone...
(d) LIST OF AUDIT PROCEDURES PERFORMED FOR INVENTORY Audit Procedure Management Assertion (a) The auditor determined that pledged inventory was identified in a note. (b) The auditor confirmed goods held by the client in a public warehouse. The auditor performed a purchases cutofftest to assure all purchase transactions for the year were included in the balance. The auditor accounted for the numerical sequence of purchase orders. The auditor vouched the recorded payables to receiving documents. (f) The auditor determined that...
matching
QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees with the statement. Each term is used only once and each statement requires only one letter. Professional services where an auditor testifies as an expert witness Assurance services in accounting, auditing, or tax matters. • A list of audit procedures for testing accounts receivable. The auditor examines the effectiveness of organizations, programs, d. Performance Audit activities, or functions of an entity. e Compliance Audit...
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