An auditor's techniques for examining the balance sheet's accounts receivable account are most likely to concentrate on management's claim of

Q: Which of the following audit procedures is least appropriate for addressing the assertion of…

A: Assertion of Valuation is one of the 7 assertions of Auditing. Under the assertion of valuation, it…

Q: Dodge, CPA, is auditing the financial statements of amanufacturing company with a significant amount…

A: Trade account receivables are the payments which the customer owes to the company. They arise when…

Q: How would you distinguish forensic accounting, fraud auditing, and investigative auditing from…

A: Auditing is the process of analyzing the financial statements, and look whether the financial…

Q: Explain why an auditor compares the “date of deposit accordingto the books” to the “date of…

A: Typically, the phrase audit applies to an audit of the financial statement. A financial audit…

Q: During an audit of a company’s cash balance on a company with operations in only onecountry, the…

A: Answer:   Option a

Q: financ cial recor... Auditors while examining the financial records must follow:

A: International standards on auditing (ISA) are used by auditors as a guiding tool in the process of…

Q: Determine what are some of the risk assessment procedures to be made in order for the auditor to…

A: Auditing is the process of supervision made by the external person or internal employee in the…

Q: In the audit of accounts receivable, the most important emphasis should be on thea. Completeness…

A: The existence assertion is the assertion that liabilities, assets and shareholders capital balances…

Q: What is the process of confirming accounts receivable balances. Why is it important for auditors to…

A: The main objective of the auditor is to provide an opinion on the financial statement audited. The…

Q: What is an example of audit procedure when performing an accounts payable risk assessment for…

A: Auditing of Accounts Payable Accounts Payable is considered to be one of the important part in the…

Q: Explain the objective ofconducting an audit of financialstatements and an audit ofinternal controls.

A: The Audit is an examination of a financial statement that dictates that all financial transactions…

Q: Which of the following is a preventive control?a. Reconciliation of a bank account.b. Recalculation…

A: Definition: Prevention control: Prevention control is an activity undertaken to avoid or prevent the…

Q: How is Accounts Payable audited?

A: Accounts payable:   Accounts payable refers to the money payable by the company to outside entities…

Q: Why are the confirmation of payables is not a required audit procedure as it is with receivables?

A: The main objective of auditors is to conduct a thorough verification of the financial statements and…

Q: When auditing the accounts payable balance on the balance sheet, an auditor’s procedures most likely…

A: Auditing is the inspection of the financial records of the company or organisations with no bias and…

Q: Explain why auditors’ reports are important to users of financialstatements and why it is desirable…

A:

Q: Audit Objectives and Procedures for Accounts Receivable. In the audit of accounts receivable,…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: then, discuss the statement content, stating examples of substantive analytical procedures which…

A:

Q: What is the purpose of analytical reviews in the audit of revenue cycle accounts? Please give an…

A: An analytical review is used by auditors to assess the reasonableness of account balances. A CPA…

Q: Distinguish between the existence and completeness balance-relatedaudit objectives. State the effect…

A: An Audit is a process where the auditors’ process & identifies the misstatements or the risk…

Q: What are the goals of dual-direction testing regarding an audit of the accounts receivable andcash…

A:

Q: What is tolerable misstatement? How do auditors use it when deciding whether account balancesare…

A: A Tolerable misstatement is the financial statement item amount that differs from the correct amount…

Q: Explain how management assertions, general balance-relatedaudit objectives, and specific…

A: Management assertions are implied representations by management about classes, of transactions and…

Q: Which of the following types of receivables would not deserve the special attention of the auditor?…

A: Audit is the process of checking and verifying the financial statements in business and to analyse…

Q: On receiving the bank cutoff statement, the auditor should trace:

A: A bank cut off statement is the statement of bank as on a specified date which is subsequent to the…

Q: audit objectives is usually more important

A: Audit of existence is the process of ensuring whether the accounts payable balance in the ledger…

Q: • Confirmation of accounts receivable that have been categorized initially by an auditor as…

A: Accounts receivable is the amount which is due from the customers for the goods sold on credit…

Q: In auditing the accrued liabilities account on the Balance Sheet, an auditor’s procedures most…

A: Management assertion is something that helps in the verification of the accuracy of the information…

Q: In the corporate world what is the common risk of an auditor encountered in terms of accounts…

A: Accounts receivable forms a part of current assets of the company and is representative of the dues…

Q: Which internal controls should the auditor be most concernedabout in the audit of notes payable?…

A: It is very important for the organization to evaluate the performance of the company from time to…

Q: Why is it important to emphasize the existence assertion when auditing accounts receivable?

A:

Q: The probability that, in the absence of internal controls, material errors or frauds could enter the…

A: Inherent risk :       As the name suggests, it is the risk which is inherent in the omission or…

Q: b. Existence and completeness objectives. c. Existence, realisable-value and accuracy o

A: The right answer is c. Existence, realizable-value and accuracy objectives.

Q: It is common practice to audit the balance in notes payable inconjunction with the audit of interest…

A: Advantage of this approach is that we can verify whether the calculation of interest is in order or…

Q: Define and give examples of off-balance-sheet information. Why should auditors be concerned with…

A:

Q: What audit procedures would you use to determine that the cash balances actually exist at the…

A: Audit Procedure: In the context of financial statements, audit procedures are the steps taken by…

Q: What audit procedures are most likely to be used to verify accountsreceivable written off as…

A: Audit procedure:   Audit procedures are the processes, techniques, and methods that auditors perform…

Q: Which of the following procedures is least likely to be performed before the balance-sheet date?a.…

A: Balance-sheet represents the financial position of the organization related to a specific period in…

Q: What are your takeaways from the audit of receivables?

A: Answer: Receivables are assets of financials that are to be received from debtors. Takeaways from…

Q: when auditing VAT payable account, what are the considerations that you need to remember and…

A: Auditing refers to the process of examining or inspecting the several books of accounts by an…