Question: A. Required: Using the list provided below, identify the name of each audit procedure described below. Inspection of records, documents or tangible assets Tracing

A. Required: Using the list provided below, identify the name of each audit procedure described below. Inspection of records, documents or tangible assets Tracing

A. Required: Using the list provided below, identify the name of each audit procedure described below. Inspection of records, documents or tangible assets Tracing Vouching Observation Enquiry Confirmation. Recalculation Re-performance . . Analytical procedures Note: An audit procedure may be selected once, more than once, or not at all. Each correct answer is worth 0.5 marks. Audit procedures 1- Reviewing the cash receipts journal to identify any unusual items. Answer: 2- Recomputing financial information on a sample of sales invoices to check the arithmetic accuracy of amounts. Answer: 3- Selecting a sample of sales orders and compare the details (amounts, dates etc.) on each sales order against entries in the sales revenue account. Answer: 4- Recounting a sample of inventory items already counted by the audit client's staff during the annual inventory/stock count. Answer: 5- Circularisation of letters to trade receivables to confirm balances at the end of the financial year end. Answer:

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 6 pounds @ $8 per pound 2 DLH @ $16 per DLH 2 DLH...

The home office ships merchandise to the branch at 25percent above cost. If the balance before closing in the Intracompany inventory Profit account is Php 66,000 and Shipments from Home Office...

Subject Company produces two types of product Large and Larger Two work orders for two batches of the products are shown below, along with some additional cast information: Large Larger Work Order 10...

INTRODUCTION TO AUDITING CASE STUDY Nature of Audit Evidence Most of the auditor's work in forming an audit opinion consists of obtaining and evaluating audit evidence. CAS 500 explains that audit...

this time i just need to choose the topic and then finish the Paper Approval Form to wait for the professor. if the professor approval this topic, i will need to write 6 pages paper. please help me...

I have 95% similirty in this repot pls.. can you help me to change persentage Audit Procedures : Introduction : Audits can take many forms, but they generally follow time-tested accounting practices....

P6-31 Longtop Financial Technologies Limited, Deloitte Touche Tohmatsu CPA Ltd (LO1, 3) In May 2011, Deloitte Touche Tohmatsu (DTT) resigned as the auditor for Longtop Financial Technologies Limited...

1.Which one is not correct about generally accepted auditing standards? Interpretive Publications, which are officially considered less authoritative and less binding than auditing standards, are...

The production budget for Manner Company shows units to produceas follows: July, 620; August, 680; and September, 540. Each unitproduced requires one hour of direct labor. The direct labor rateis b 0...

answer the following questions PSA 500 pertains to: Group of answer choices a. The Auditor's Responsibility to Consider Fraud in an Audit of Financial Statements. b. Quality Control of an Audit of...

Money surveyed mutual funds as a good investment instrument. Suppose that the annual average percentage return from mutual funds is a normally distributed random variable with mean 8.7% and standard...

During the isothermal heat rejection process of a Carnot cycle, the working fluid experiences an entropy change of -0.7 Btu/R. If the temperature of the heat sink is 95°F, determine (a) The...

Current Altempt in Progress The question "Based on current year salex, what can we expect for neat year's sales" would be answered using which type of data analysis method? Descriptive Fredictive...

Sara Shimizu is the owner of two rental properties, 509 Brunswick Avenue and 356 Spadina Road. These properties were purchased six years ago for $525,000 and $600,000, respectively. In 2012, 509...

Furniture Focus Limited provides competitive prices to consumers by using a no-frills approach to displaying its product in large stores surrounded by ample parking. Furniture Focus Limited has...

Give an example to show that the converse of Corollary 11.5 need not be true.

Mr. Wiser is contemplating investing in two different mutual funds. His investment options are set out below. Mr. Wiser contemplates holding both mutual funds for the same period of time - from...

Suppose the U.S. president wants an estimate of the proportion of the population who support his current policy toward revisions in the health care system. The president wants the estimate to be...

Tori and some other childeen experimented with balls to see which ones rolled. First using a piece of cardboard to use as a ramp, they angled it on a block to the floor to test the balls. Then Tori...

WHAT FACTORS CAUSE COSTS TO CHANGE FROM PERIOD TO PERIOD OR TO DEVIATE FROM EXPECTATIONS? LO.1

WHY IS UNCERTAINTY GREATER IN DEALING WITH FUTURE EVENTS THAN PAST EVENTS? LO.1

WHAT ARE THE FOUR GENERIC APPROACHES TO MANAGING UNCERTAINTY? LO.1