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.
Homework Answers
Answer is option a) Vouching
vouching refers to verification of transaction entered in books of accounts by examination of documentary evidence
documentary includes bills, vouchers, invoice
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An auditor searching for a shipping document to ensure that the
sales number recorded in the...
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
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?
An example of a document the auditor receives from the client, but which was prepared by...
An example of a document the auditor receives from the client, but which was prepared by someone outside the client's organization, is a: bank reconciliation. sales invoice. confirmation. vendor invoice.
multiple choice questions 1. An auditor most likely examine in regards to searching for unrecorded liabilities......
multiple choice questions 1. An auditor most likely examine in regards to searching for unrecorded liabilities... A. Cut off bank statement for deposits recorded in the book, but not the bank. B. details of accounts receivable confirmations that are classified as exceptions C. files of purchase requisitions for items ordered just before the year end D. receiving reports for items received before year end, but not recorded yet 2. which of the following sources of corroborating information would most likely...
An auditor wishes to test the completeness assertion for sales. Which of the following audit tests...
An auditor wishes to test the completeness assertion for sales. Which of the following audit tests would most likely accomplish this objective? 1. Select a sample of shipments occurring during the year and trace each one to inclusion in the sales journal. 2. Select large individual sales recorded during the year and review supporting documentation. 3. Compare accounts receivable turnover (net credit sales/average gross receivables) in the current year to that achieved in the prior year. 4. Use common size...
1.To conclude that a management review control is effective, the auditor is required to identify a...
1.To conclude that a management review control is effective, the auditor is required to identify a selection of instances in which the control operated, evaluate whether management followed the procedures specified by the control, and properly evaluated and resolved exceptions. A) True B) False 2. Which of the following statements about substantive analytical procedures is correct? A) The results of the procedure provide evidence about the existence or absence of misstatement in an account. B) The results of the procedure...
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...
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
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit procedures attached, indicate the type of audit evidence being obtained by the auditor. Choose your answer from the list below, selecting the best choice for the procedure TYPES OF AUDIT EVIDENCE Inspection of Documents--Tracing 2) Inspection of Documents--Vouching 3) Inspection of Documents-Scanning 4) Physical Inspection 5) Observation 6) Inquiry 7) Confirmation 8) Recalculation C9) Reperformance 10) Analytical Procedures EXAMPLES OF AUDIT PROCEDURES PERFORMED BY...
auditing 7. An auditor has accounted for a sequeno information on a representative number assertion does...
auditing
7. An auditor has accounted for a sequeno information on a representative number assertion does this procedure relate to most directly A) Completeness. B) Existence. C) Legality. D) Valuation. a sequence of inventory tags and is now going to trace e number of tags to the inventory summary sheets. Which o. Which of the following is not a procedure that typically is used by the auditors in tica 8. Which of the follow examination of a client's goods held...
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
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit procedures attached, indicate the type of audit evidence being obtained by the auditor. Choose your answer from the list below, selecting the best choice for the procedure TYPES OF AUDIT EVIDENCE Inspection of Documents--Tracing 2) Inspection of Documents--Vouching 3) Inspection of Documents-Scanning 4) Physical Inspection 5) Observation 6) Inquiry 7) Confirmation 8) Recalculation C9) Reperformance 10) Analytical Procedures EXAMPLES OF AUDIT PROCEDURES PERFORMED BY...
auditing
7. An auditor has accounted for a sequeno information on a representative number assertion does this procedure relate to most directly A) Completeness. B) Existence. C) Legality. D) Valuation. a sequence of inventory tags and is now going to trace e number of tags to the inventory summary sheets. Which o. Which of the following is not a procedure that typically is used by the auditors in tica 8. Which of the follow examination of a client's goods held...
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