Which of the following procedures would provide the most reliable audit evidence? a. Inquiries of the clients
Question:
Which of the following procedures would provide the most reliable audit evidence?
a. Inquiries of the client’s internal audit staff.
b. Inspection of prenumbered client purchase orders filed in the vouchers payable department.
c. Inspection of vendor sales invoices received from client personnel.
d. Inspection of bank statements obtained directly from the client’s financial institution.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 27% (11 reviews)
a Incorrect Inquiry of client personnel is internal evidence which is ...View the full answer
Answered By
Muqadas Javed
I am a mentor by profession since seven years. I have been teaching on online forums and in universities. Teaching is my passion therefore i always try to find simple solution for complicated problems or task grasp them so that students can easily grasp them.I will provide you very detailed and self explanatory answers and that will help you to get good grade. I have two slogans: quality solution and on time delivery.
4.60+
24+ Reviews
144+ Question Solved
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
Question Posted:
Students also viewed these Auditing questions
-
Which of the following procedures would best prevent or detect the theft of valuable items from an inventory that consists of hundreds of different items selling for $ 1 to $ 10 and a few items...
-
Which of the following procedures would most likely be performed during planning? a. Surprise counts of the clients petty cash fund. b. Reporting internal control deficiencies to the audit committee....
-
Which of the following procedures is least likely to be performed before the balance- sheet date? a. Observation of inventory. b. Review of internal control over cash disbursements. c. Search for...
-
A card is drawn at random from a deck of 52 playing cards. Find the probability that it is a club or a king.
-
What properties of agar make it ideal for use in culture media?
-
Calculate the 2018 tax liability and the tax or refund due for each situation: a. Mark is single with no dependents and has a taxable income of $60,000. He has $9,200 withheld from his salary for the...
-
In a study sponsored by Coca-Cola, 12,500 people were asked what contributes most to their happiness, and 77% of the respondents said that it was their family or partner. Determine whether the given...
-
Compare Mintzbergs notion of crafting strategies with this textbooks notion of gathering and assimilating information to formulate strategies.
-
Differeence between individual requirement and individual preferences and example also identifying an individual requirement how this can be accomodated within the design and delivery of learning and...
-
A citys Parks Department has these two General Fund appropriations: Parks Department salaries and Parks Department other than salaries. Prepare journal entries to record the following transactions...
-
The most reliable evidence regarding the existence of newly- acquired computer equipment is a. Inquiry of management. b. Documentation prepared externally. c. Evaluation of the clients procedures. d....
-
Breaux & Co. CPAs require that all audit documentation indicate the identity of the preparer and the reviewer. This procedure provides evidence relating to which of the following? a. Independence. b....
-
For what reasons would you expect a monopoly to charge (a) a higher price, and (b) a lower price than if the industry were operating under perfect competition?
-
How is community health programming moving away from just focusing on individual health behavior, and moving toward focusing on the behaviors of groups, communities, and populations? Give at least...
-
QUESTION 3 On 1 July 2020, Nook Ltd entered into a contract with Consultant Co Pty Ltd for the provision of services. Robert Black is the IT technician nominated in the contract and he is a director...
-
there are three approaches used for estimating project time and costs. these are the top-down approach, the bottom-up approach, and the hybrid phase estimating approach. describe in detail each of...
-
Dan is the sole shareholder of Tristar Corporation, a C corporation. In the current year, Tristar earned $350,000 and distributed $75,000 to Dan. Ken is the sole shareholder of Shield Corporation, an...
-
As recently as the 1990s, the average time required for a firm to process and deliver merchandise to a customer from warehouse inventory ranged from ________blank days, sometimes even longer. 45 to...
-
In Example 3.1 what is the value of the forward contract at 5 months if the stock price at that time is $48? Example 3.1. What should be the price of an 8 month forward contract for 100 shares of a...
-
Use the formula to determine the value of the indicated variable for the values given. Use a calculator when one is needed. When necessary, use the key on your calculator and round answers to the...
-
Consider the block diagram in Figure 4.32, where \(V(s)\) represents an external disturbance. a. Find the transfer function \(Y(s) / U(s)\) by setting \(V(s)=0\). b. Find \(Y(s) / V(s)\) by setting...
-
In the confirmation of accounts receivable for the Reliable Service Company, 85 positive and no negative confirmations were mailed to customers. This represents 35% of the dollar balance of the total...
-
You are auditing the sales and collection cycle for the Smalltown Regional Hospital, a small not-for-profit hospital. The hospital has a reputation for excellent medical services and deficient record...
-
This problem requires the use of ACL software, which is included in the CD attached to the text. Information about installing and using ACL and solving this problem can be found in Appendix, pages...
-
rephrase: Secondly, financial resources are crucial to cover expenses such as instructional materials, technology tools, and any additional costs associated with implementing the module. Careful...
-
What events of the 1980s prompted public demand for governments to "get tough" on fraudulent businesses and negligent accountants? a. stock market crash b. bank failures in the U.S. c. layoffs of...
-
4. Integrate the following functions around the contour C which is a circle of radius 3/2 centred on the origin. [In each case draw a sketch and list clearly the singularities of the integrand lying...
Study smarter with the SolutionInn App