During substantive procedures the auditors selected a sample of balances included in the trade payables figure and wrote to the supplier asking them to confirm the amount owed by the audit client at the year-end. The sample was chosen by the auditor selecting the balances from anywhere within the trade payables breakdown, trying to avoid bias. Identify the ISA 500 (Audit evidence) evidence gathering technique and the sampling method used by the auditors in each of these procedures.
During substantive procedures the auditors selected a sample of balances included in the trade payables figure and wrote to the supplier asking them to confirm the amount owed by the audit client at the year-end. The sample was chosen by the auditor selecting the balances from anywhere within the trade payables breakdown, trying to avoid bias. Identify the ISA 500 (Audit evidence) evidence gathering technique and the sampling method used by the auditors in each of these procedures.
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter9: Auditing The Revenue Cycle.
Section: Chapter Questions
Problem 23CYBK
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During substantive procedures the auditors selected a sample of balances included in the trade payables figure and wrote to the supplier asking them to confirm the amount owed by the audit client at the year-end. The sample was chosen by the auditor selecting the balances from anywhere within the trade payables breakdown, trying to avoid bias.
Identify the ISA 500 (Audit evidence) evidence gathering technique and the sampling method used by the auditors in each of these procedures.
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