QUESTION:

choose the correct answers for each from bellow:

•                     Review board of director meeting minutes for proper authorization of all current-year debt and equity transactions.                            
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•                                                         Vouch recorded payables to invoices, purchase orders, and receiving reports.                            
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•                                                         Recalculate current-year depreciation expense.                            
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•                                                         Compare accounts receivable write-offs with doubtful accounts estimates.                            
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•                                                         Obtain and inspect the title documents to such fixed assets.                            
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•                                                         Perform a search for unrecorded liabilities.                            
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•                                                         Confirm a sample of accounts receivable.                            
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•                                                         Inquire whether any inventory is out on consignment at year-end.                            
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•                                                         Examine debt instrument agreements and characteristics for proper classification.                            
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•                                                         Trace inventory test counts to inventory subsidiary accounts.                            
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•                                                         Inquire about accounts receivables that have been sold or factored.                            
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•                                                         Inquire about possible obsolete inventory at year-end.                            
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tbs.audit.indvdl.001 2017 Fieldwork-Substantive Tests Financial statements that are in conformity with the applicable financial reporting framework contain certain management assertions relating to amounts and disclosures in the financial statements. A substantive audit plan will contain a list of audit procedures for gathering evidence related to relevant assertions for the client's significant financial statement accounts, disclosures, transactions, etc. The list in the table below provides a range of relevant assertions for the given account for which the auditor is performing substantive procedures. Double-click on the associated shaded cells and select from the list provided. An explanation may be used once, more than once, or not at all. A1 lock сорy cut paste A B 1 A В 2 Substantive auditing procedure 3 1. Existence of accounts receivable 4 2. Completeness of the accounts payable balance 3. Rights and obligations to inventory 4. Valuation (or allocation) of the fixed assets 7 5. Completeness of the inventory 8 6. Presentation of debt instruments tbs.audit.indvdl.001 2017 Fieldwork-Substantive Tests Financial statements that are in conformity with the applicable financial reporting framework contain certain management assertions relating to amounts and disclosures in the financial statements. A substantive audit plan will contain a list of audit procedures for gathering evidence related to relevant assertions for the client's significant financial statement accounts, disclosures, transactions, etc. The list in the table below provides a range of relevant assertions for the given account for which the auditor is performing substantive procedures. Double-click on the associated shaded cells and select from the list provided. An explanation may be used once, more than once, or not at all. A1 lock сорy cut paste A B 1 A В 2 Substantive auditing procedure 3 1. Existence of accounts receivable 4 2. Completeness of the accounts payable balance 3. Rights and obligations to inventory 4. Valuation (or allocation) of the fixed assets 7 5. Completeness of the inventory 8 6. Presentation of debt instruments

Answer rating: 100% (QA)

1 Existence of accounts receivable An auditor should carry out the following procedures Compare acco... View the full answer