Question: Which audit procedures are usually the most useful for auditing
Which audit procedures are usually the most useful for auditing the existence and ownership (rights) assertions? Give some examples.
Answer to relevant QuestionsList the information an auditor should ask for in a standard bank confirmation sent to an auditee’s bank.What is cheque kiting? How might auditors detect kiting?Distinguish between confirmation response rate and confirmation detection rate. Several accounts receivable confirmations have been returned with the notation “verification of vendor statements is no longer possible because our data processing system does not accumulate each vendor’s ...The Patrick Company had poor internal control over its cash transactions. Facts about its cash position at November 30 were the following:The cash books showed a balance of $18,901.62, which included un-deposited receipts. A ...
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