Auditors ordinarily ascertain whether payroll checks are properly endorsed during the auditofa. Clock cards.b. The voucher system.c. Cash in bank.d. Accrued payroll.

Q: Which of the following internal controls is a common detective control over cash and cash…

A: Internal control  is implemented, to maintain effectiveness, efficiency, ,follow the policies,…

Q: To which customer is the auditor least likely to send a receivables confirn O customer whose account…

A: A confirmation is sent by auditor to verify whether actual balances match with the books or not.

Q: Which of the following procedures would a CPA most likely perform in planning a financial statement…

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

Q: Ed Caluag, CPA was engaged to audit the financial statement of KMJS, Company, a continuing audit…

A: Firstly select the payroll register for a specific period, and check the details: Test the…

Q: Which of the following communications is most likely to be written before the balance-sheetdate?a. A…

A: D.Correct.- An engagement letter would be written before accepting an engagement and therefore…

Q: Which audit claims will be met by the audit method of cash count and bank verification requests

A: introduction: If the management's financial statements have any inaccuracies or frauds, the only…

Q: Upon receipt of customers’ checks in the mail room, a responsible employee should prepare a…

A: Accounts receivable is the amount due to be received from customers on account of credit sales.

Q: Which of the following is not an objective of the cash audit? determine that a. A long-term…

A: Objectives of Cash Audit One of the objectives for a cash audit is to verify that the recorded cash…

Q: Which of the following types of documentary evidence should the auditor consider the most reliable?…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: ich of the following procedures would an auditor most likely perform to test trols relating to…

A: The given scenario relates with cash receipts. To check the authenticity of the transaction the…

Q: Which procedure is an auditor most likely to use to detect a check outstanding at year-end that was…

A: answer are as follows

Q: When an auditor sends out bank confirmations at the year-end audit, they are performing a(n) O…

A:

Q: Which of the following is an effective audit procedure that an auditor might use to detect kiting…

A: Kiting is the process in which bank misrepresent their financial instruments with the objective of…

Q: Which of the following is one of the better auditing techniques to detect kiting?(1) Review…

A: (3) Prepare year-end bank reconciliations

Q: Which of the following procedures would an auditor most likely perform in searching for unrecorded…

A: Account payable  means the amount owed by business to outsider for the goods received and services…

Q: Which of the following audit procedures is a dual-purpose test, which tests the effectiveness of…

A: A dual-purpose test is an audit method that serves as a control and substantive test at the same…

Q: Why is there a greater emphasis on the detection of fraudin tests of details of cash balances than…

A:

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: Choose the one correct answer. Which of the following is not an appropriate question in an ICQ? *…

A: Internal Control Questionnaire -ICQ : ICQ is an important tool for conducting an audit. It is…

Q: Discuss audit procedures for the audit of accounts receivable. How does this apply to your chosen…

A: Audit procedures: Audit procedures are the process of evaluating the quality of the financial…

Q: choose the internal sources of audit evidence. a.

A: Audit evidence: The audit evidence is the evidence gathered by the auditor to express an opinion on…

Q: Which of the following control activities would best protect against the preparation ofimproper or…

A: Cash Budget: This budget gives an estimation of all the cash inflows and outflows of a business for…

Q: Notification by the bank that a deposited customer check was returned NSF requires that the company…

A: Bank A/c    Dr     To Account receivables A/c 1. here bank balance will increase when cheque is…

Q: A bank reconciliation statement is a statements that is Drawn up by the business to verify the cash…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

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: ient’s treasurer. d. A check, issued by the company and bearing the payee’s endorsement, that is…

A: Given: To explain the correct option among the given options as,

Q: To test whether debits to accounts receivable represent valid transactions, the auditor should trace…

A: Account receivable  are shown in BALANCE sheet and it is important for business to know the the…

Q: paring the bank reconciliation. 2. Examine vendors’ invoices and other s

A: The auditors verify the fairness of financial statements by collecting audit evidence by following…

Q: Which of the following items appearing on a bank reconciliation require a journal entry to bring the…

A: Bank reconciliation statement is a statement which is prepared to reconcile cash balance as per cash…

Q: Bank statements provide information about all of the following, except Checks cleared during the…

A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or…

Q: When a sample of customer accounts receivable is selected for vouching debits, auditors will vouch…

A: Vouching can be defined as the process of verifying the transaction made in books of entries by…

Q: When auditors perform the bank reconciliation test, what would be the appropriate audit procedure…

A: Auditing procedures of Bank Reconciliation Bank reconciliation is one of the important part in the…

Q: Which of the following procedures would an auditor most likely perform in searching for unrecorded…

A: Audit is the process of examining and verifying books of accounts and financial information and this…

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: Which of the following audit procedures is aimed most directly at testing the completeness assertion…

A: For acco payable auditor should  perform  appropriate  audit procedure  for testing  completeness…

Q: Which of the following procedures will an auditor most likely perform for year-endaccounts…

A: Answer:   Option 3.

Q: Examine the cash receipts journal in the accounting system and compare the amounts received to the…

A: Audit procedure: Audit procedures represent all the methods and processes used by auditors to…

Q: On receiving the bank cutoff statement, the auditor should trace:   a. Deposits in transit on the…

A: Explanation  On receiving a client's bank cutoff statement, an auditor most likely would trace (b)…

Q: An auditor is likely to perform each of the below procedures to obtain evidence regarding the…

A: Audit  Contrary to unfavorable opinions, scope restrictions or the presence of significant…

Q: Which of the following control objectives would be least likely be considered by the internal…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: Which of the following would provide an auditor with the most reliable evidence reguarding the…

A: most reliable evidence reguarding the existence of accounts receivable:

Q: The auditor should ordinarily send confirmation requests to all banks with whichthe client has…

A: Positive confirmation request is the inquiry made by the auditor about the account balance of a…

Q: Identify and explain the procedures that are important to the examination of bank’s accounts.

A: The banking industry is the pivot of any economy and its financial system. Banks are one of the…

Q: A common audit procedure to verify the existence assertion of cash account balances is: a.…

A: Existence assertion is the assertion that the assets and the liabilities which is appearing the…

Q: amount of cash is accurately recorded on the financial statements. All of the following are…

A: an audit, independent examination of the financial statement of an entity. there are mainly three…

Q: The accounting clerk pays all obligations by pre numbered checks. What are the strengths and…

A: It was must obligatory  in the internal control over by the cash payments which are taken care by…

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: Which of the following tasks should the cash disbursement clerk NOT perform?a. review the supporting…

A: Cash disbursement: It can be defined as an outflow of cash that is made in exchange for the goods…