The auditor selects a sample of recorded sales invoices and vouches them to shipping documents. This...
The auditor selects a sample of recorded sales invoices and vouches them to shipping documents. This procedure is related to which of the following assertions?
Homework Answers
Solution:
The correct answer is "Occurrence."
The auditor selects a sample of recorded sales invoices and vouches them to shipping documents. This procedure is related to "Occurrence."
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The auditor selects a sample of recorded sales invoices and
vouches them to shipping documents. This...
16. As a test of sales for completeness (i.e. understatement), an auditor selects 50 sales recorded...
16. As a test of sales for completeness (i.e. understatement), an auditor selects 50 sales recorded in the sales journal and vouches them to sales invoices and then to the respective shipping document. This evidence is not appropriate because of the violation of: a. Auditor's direct knowledge. b. Objectivity c. Reliability d. Relevance Answer
An auditor wishes to detect a possible understatement of sales. The auditor would most likely trace...
An auditor wishes to detect a possible understatement of sales. The auditor would most likely trace transactions from the Group of answer choices Sales journal to the cash receipts journal. Sales invoices to shipping documents. Shipping documents to sales invoices. Cash receipts journal to the sales journal.
In testing controls over invoices, an auditor discovers that in 10% of her statistical sample invoices...
In testing controls over invoices, an auditor discovers that in 10% of her statistical sample invoices were sent for full shipments, even if shipping documents suggested partial shipments. In this case, she would likely ________. a) increase her sample size to determine the extent of the control weakness b) recalculate control risk to determine if there is any effect on the nature, timing, or extent of her year-end procedures c) conclude that controls are working at 90% effectiveness and classify...
An auditor searching for a shipping document to ensure that the sales number recorded in the...
An auditor searching for a shipping document to ensure that the sales number recorded in the sales journal was properly supported. This is an example of vouching. confirmation. review of the documentation. analytical review.
The auditor has provided a preliminary assessment of control risk of low in the revenue cycle...
The auditor has provided a preliminary assessment of control risk of low in the revenue cycle accounts of Acco, Inc. for each of the relevant assertions. The auditor selected a sample of sales transactions for control testing. Each of the following types of control or transaction-processing deficiencies uncovered in the sample was significant enough to cause the auditor to increase control risk assessment from low to moderate. For each deficiency, label as (a) through (i), discuss the type of financial...
Which document should be sampled to determine whether or not sales are recorded in the proper...
Which document should be sampled to determine whether or not sales are recorded in the proper period? Purchase orders Sales invoices Shipping documents Sales orders Receiving documents
1. In performing the audit of Company A, an auditor picked a sample of recorded payables...
1. In performing the audit of Company A, an auditor picked a sample of recorded payables and performed the 3-way match testing (matching purchase order issued by the Company, good received note from the warehouse and invoice from the vendor). This is the most effective substantive procedure to test for the Existence assertion of Accounts Payable. A. True B. False 2. An auditor performed the walkthrough and the test of operating effectiveness and did not identify any exceptions. Does the...
14-26 (Objective 14-3) The following are selected transaction-related audit objectives and audit procedures for sales transactions:...
14-26 (Objective 14-3) The following are selected transaction-related audit objectives and audit procedures for sales transactions: Transaction-Related Audit Objectives 1. Recorded sales exist. 2. Existing sales are recorded. 3. Sales transactions are correctly included in the accounts receivable master file and are correctly summarized. Procedures 1. Trace a sample of shipping documents to related duplicate sales invoices and the sales journal to make sure that the shipment was billed. 2. Examine a sample of duplicate sales invoices to determine whether...
1.Which of the following controls would provide the most assurance to management that recorded sales actually...
1.Which of the following controls would provide the most assurance to management that recorded sales actually occurred? A) Statements are sent to customers at the end of each month, and customer complaints are investigated B) Responsibilities for recording a customer order and shipping the products are segregated C) A credit sale is recorded only after a credit check is performed D) Shipping documents are prepared for every shipment made and filed in the shipping department 44. Which of the following...
An auditor most likely would review an entity's periodic accounting for the numerical sequence of shipping...
An auditor most likely would review an entity's periodic accounting for the numerical sequence of shipping documents and invoices to support management's financial statement assertion of: Multiple Choice existence or occurrence. completeness. rights and obligations. presentation and disclosure.
16. As a test of sales for completeness (i.e. understatement), an auditor selects 50 sales recorded in the sales journal and vouches them to sales invoices and then to the respective shipping document. This evidence is not appropriate because of the violation of: a. Auditor's direct knowledge. b. Objectivity c. Reliability d. Relevance Answer
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