What key items on the continuity schedule would be vouched to supporting documentation?
Answer to relevant QuestionsWhat procedures are followed to audit inventory when the physical inventory is taken on a cyclical basis or on a statistical plan but never as a complete count on a single date?List the management reports that can be used for audit evidence. What information in them can be useful to auditors?How is information collected during the auditor’s attendance at the physical inventory count used in the audit of the inventory balance? In Audits 12.1 and 12.3, frauds involving fictitious people, businesses, and locations occurred. Where can auditors obtain information showing whether people, businesses, and locations are real or not?Listed below is a selection of items from the internal control questionnaire on payables shown in Appendix 12A.1. Are invoices, receiving reports, and purchase orders reviewed by the cheque signer?2. Are cheques dated in the ...
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