Explain why auditors usually emphasize the detection of fraud in the audit of cash receipts. Is this

Question:

Explain why auditors usually emphasize the detection of fraud in the audit of cash receipts. Is this consistent or inconsistent with the auditor's responsibility in the audit? Explain.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing and Assurance services an integrated approach

ISBN: 978-0132575959

14th Edition

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

See More Books

Question Posted: Oct 10, 2012 07:46 AM

See More Questions

In the audit of cash receipts you have already performed certain of the standard auditing procedures listed below The extent to which these procedures were performed is not relevant to the question
Requirements: 1. Please see the attached case study. There are 4 sections of the study and questions for each section. Please make sure to provide detailed responses for each question and use the...
Why is fraud detection not always relevant to applying SAS No. 99?
Use a calculator to approximate the value. Round your answer to two decimal places. arccos(0.051)
Find the solution of each of the following systems of linear equations using augmented matrices. (a) x + y + 2z = -1 2x + y + 3z = 0 -2y + z = 2 (b) 2x + y + z = -1 x + 2y + z = 0 3x- 2z - 5
Apilado Appliance Corporation is considering a merger with the Vaccaro Vacuum Company. Vaccaro is a publicly traded company, and its current beta is 1.30. Vaccaro has been barely profitable, so it...
The registration numbers for the candidates of an entrance test are numbered from 000001 to 200000. What is the probability that a candidate will get a registration number divisible by 40 ?
Create a context-level diagram for billing in a dental office. External entities include the patients and insurance companies.
Suppose a 20-year Treasury bond with 5% semiannual coupon is currently traded at a yield of 6% (APR). 1) Is the price above or below 100? 2) What is the current price of the bond? 3) If the yield...
Consider the following two transactions: T 31 : read (A); read (B); If A = 0 then B: = B + 1; write (B). T 32 : read (B); read (A); If B = 0 then A: = A + 1; write (A). Add lock and unlock...
What is the difference between the auditor's approach in verifying sales returns and allowances and that for sales? Explain the reasons for the difference.
List the transaction-related audit objectives for the verification of cash receipts. For each objective, state one internal control that the client can use to reduce the likelihood of misstatements.
Outline the elements of the e-business environment for an organization and explain its relevance to the organization.
In October, Blossom Company reports 18,100 actual direct labor hours, and it incurs $100,500 of manufacturing overhead costs. Standard hours allowed for the work done is 20,100 hours. The...
Janice bought her house in 2011 for $395,000. Since then, she has deducted $70,000 in depreciation associated with her home office and has spent $45,000 replacing all the old pipes and plumbing. She...
How are rewards and compensation linked to key company objectives where you do or have worked? If not, how would you have linked them? If so, what if anything would you change? Why?
Atypical Manufacturing is trying to determine the equivalent units for conversion costs with 40,000 units of ending work in process at 40% completion and 73,000 physical units. There are no beginning...
What will your role in the team be and who are your team members? State their roles in the team and provide a short description. Provide an overview of the purpose of the team in line with...
If the URL of a web service is http://172.16.5.81:6789/ws/calc, what will the URL of the WSDL file be? (a) http://172.16.5.81:6789/ws/wsdl (b) http://172.16.5.81:6789/ws/calc?wsdl (c)...
In 1995 Miguel purchased a home for $130,000. In 2000 he sold it for $170,000 and immediately purchased another one for $180,000, which he sold in 2007 for $235,000. How much taxable capital gain, if...
Why is the question, What business are we in? so important? How might (a) a fast-food retailer; (b) a national airline; (c) a car manufacturer; and (d) a hairdresser answer that question if it was...
The fieldwork for the June 30, 2013, audit of Tracy Brewing Company was finished August 19, 2013, and the completed financial statements, accompanied by the signed audit reports, were mailed...
Callie Peters is completing the audit of MakingNewFriends.com for the year ended December 31, 2013. Callie has been the audit manager on this engagement for the past three years. MakingNewFriends.com...
What are the differences between the review reports for a private company under SSARS and for the interim financial statements of a public company? Discuss.
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At...
Using Regression to Calculate Fixed Cost, Calculate the Variable Rate, Construct a Cost Formula, and Determine Budgeted Cost Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were...
Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability $ 6,650 Income tax expense Mortgage...

Explain why auditors usually emphasize the detection of fraud in the audit of cash receipts. Is this

Question:

Step by Step Answer:

Cash is the most liquid asset that a company owns and thus it is the most likely target of ...View the full answer

Auditing and Assurance services an integrated approach

Students also viewed these Auditing questions