For each of the following procedures decide for which assertion the test provides the best evidence. 1.

For each of the following procedures decide for which assertion the test provides the best evidence.

Transcribed Image Text:

1. Recompute financial information on a sample of vendor invoices 2. Observe and evaluate proper segregation of duties on a purchasing transaction 3. Trace a sample of vouchers to the purchasing journal 4. Review the firm's dollar limit thresholds for acquisitions 5. Test a sample of vouchers for proper purchasing categories (e.g. expense vs. capital) 1. Recompute financial information on a sample of vendor invoices 2. Observe and evaluate proper segregation of duties on a purchasing transaction 3. Trace a sample of vouchers to the purchasing journal 4. Review the firm's dollar limit thresholds for acquisitions 5. Test a sample of vouchers for proper purchasing categories (e.g. expense vs. capital)

Answer rating: 100% (QA)

1 Trace large cash receipts and payments to the source documents and the general ledger answer Test of details of transaction reason because tracing c... View the full answer