From the following statements, identify the statement/s that will not participate in the audit of an entity. a. Statement of Debtors b. All the options c. Statement of Creditors d. Bank Reconciliation statement

From the following statements, identify the statement/s that will not participate in the audit of an entity. a. Statement of Debtors b. All the options c. Statement of Creditors d. Bank Reconciliation statement

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

Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments

Section: Chapter Questions

Problem 30CYBK

See similar textbooks

Related questions

Q: The auditor considers materiality from the point of ___________ a. individual account balance b.…

A: SOLUTION- WHEN ESTABLISHING THE OVERALL AUDIT STRATEGY , THE AUDITOR DETERMINES MATERIALITY FOR THE…

Q: Which financial item of a bank is audited when the auditor pays particular attention to establishing…

A: During the audit, auditor should perform procedures to obatian reasonable assurance about the item…

Q: 41-An auditor audits financial statements which include Income Statement, Position Statement and…

A: Option A: It is the responsibility of Management to prepare the Financial statement of the company…

Q: 17. Which of the following is correct when a company is issuing summary financial statements…

A: Summary Financial Statement - Summary Financial Statement is the summary of entire financial…

Q: Which of the following is NOT an obligation or duties of an auditor? a. Inspect account books and…

A: Helps to prepare the financial statements of companies is not an obligation or duties of an…

Q: To do an audit of a company's financial statements, there must be several key elements and…

A: The question is multiple choice question. Required Choose the Correct Option.

Q: when analyzing audited financial statements for a publicly traded company, which step south you need…

A: Correct answer is d.determine the accounting principles used.

Q: unqualified, qualified, adverse, or disclaimer

A: Unmodified and unqualified opinion - An auditor expresses and Unqualified and Unmodified if the…

Q: During an audit of an entity’s stockholders’ equity accounts, the auditor determines whether there…

A: Auditing: In auditing, auditors verify the correctness and fair presentation of financial…

Q: Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank…

A: Bank Reconciliation Statement is a statement document that reconciles the difference in the cash…

Q: From the options given below identify the accounting data obtained by an auditor which are…

A: There are three types of audit opinions as follows: Unqualified opinion Qualified opinion Adverse…

Q: Which of the following statements is not true with respect to the auditors' report on internal…

A: An audit report is crucial in order to determine the reliability of the financial reports of an…

Q: 5. Which one of the following is an example of the contents of an Opinion on Financial Statements…

A: As par AU section 508 of PCAOB : Report on audited Financial statement It states that " Financial…

Q: Which of the following are audit evidences? a) Inspecting non-current/fixed assets b) An item of…

A: Audit Evidence: It refers to the information that the auditor uses in arriving at a conclusion on…

Q: egarding the confirmation of accounts payable is true? Group of answer choices The confirmation of…

A: it is important to understand the client account payable and account receivable valences in order to…

Q: Select the necessary words from the list of possibilities to complete the following statements. 1.…

A: Auditing- Auditing is the independent review of financial data from any company, regardless of size…

Q: 16. What is the purpose of information presented in notes to financial statements? a. To present…

A: Disclaimer:- Since you asked multiple question in one question, we will provide you the answer of…

Q: S1: PSA 700 requires a strict order of the elements of an independent auditor's report S2: All audit…

A: Solution: True, PSA 700 requires a strict order of the elements of an independent auditor's report…

Q: Basic Reports. The concepts of materiality and pervasiveness are important to auditors in…

A: Introduction: An unqualified opinion indicates that the auditor believes the statements are free…

Q: 3. Which of the following is NOT part of the control activities applicable to Financial Statement…

A: Solution Concept Financial statement audit During the audit of the financial…

Q: What is the definition of analytical procedures? What is timing of analytical procedures in a…

A: The audit procedure indicates the stages and programs of an audit performed by the auditor to obtain…

Q: 13 From the options given below identify the duty of an auditor of a company a. All the options b.…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: Which of the following is not included in the standard (unmodified) report on the…

A: The purpose behind Auditor's report on the fiscal summary is to give an assessment that whether the…

Q: Under which clause of ISA, the auditor's responsibilities relating to prevention and detection of…

A: Auditor is the person who is responsible for audit work. Audit means examination or review of books…

Q: corporation's financial statements usually is addressed to the president of the company Select one:…

A: Ans. Auditor express their audit opinion on the financial statements throught their Audit report.

Q: will not participate in the audit

A: The scope of audit include verification of books and accounts to ensure they are free from material…

Q: The following are included in the audit working paper current file. * A. Chart of accounts, audit…

A: Answer: Concept: Audit working paper file is prepared during the start to the end of the audit. It…

Q: 8. Explain about the type of report the Auditor would issue END of the EXAM a. if he disagrees with…

A: Auditor modifies his opinion in the auditors report when: 1) The auditor concludes that, based on…

Q: 3. Identify and briefly discuss the inherent limitations of an audit of the set of annual financial…

A: audit of financial statements - An audit is an independent examination of financial information of…

Q: estion 25 Which of the following is not included in the standard unmodified report on financial…

A: The goal of an auditor's report on financial statements is to express an opinion on whether the…

Q: Enron corporation: accounting fraud what five recommendations you would suggest to strengthen the…

A: Note: Since we are entitled to answer first question as per our honor code, we’ll answer question 1…

Q: 11. Which of the following is an example of an assurance engagement providing limited assurance? A.…

A: Assurance Engagement:-It means it is an engagement where a practitioner expresses his or her opinion…

Q: A "comfort letter" to an investment banking firm will normally not: Group of answer choices a.…

A: Comfort letters are usually issued by auditors who does not contain any legally enforceable promise

Q: {Auditing} 15. Find the nature of materiality if the client incorrectly selects and applies…

A: The nature of materiality refers to the fact that the information included in the financial…

Q: Which of the following audit objectives ensure that if accounts receivable is pledged as security…

A: Audit is the process of checking and verifying the authenticity and position of financial statements…

Q: Auditing} 19. Choose the statement/s, which explains the concept of true and fair view. a. All the…

A: Auditing means the independent checking of a company's operation by the outsider known as an…

Q: 12. The practitioner's independence is not required in which of the folle engagements? A. Audit of…

A: Audit engagement is defined as the arrangement which auditor has with the client to conduct audit of…

Q: Auditing} 23. From the options given below, identify an opinion formed by an auditor when financial…

A: Auditing means the independent checking of the company's operation by an outsider person known as an…

Q: Q1 The following are specific balance-related audit objectives applied to the audit of accounts…

A: The first specific related objective deals with the amounts which must not be involved in the…

Q: An independent audit is important to readers of financial statements because it: a. determines…

A: 4. Audit is an independent examination of financial statements of an organisation inorder to express…

Q: 13. When auditing an entity's financial statements in accordance with Government Auditing Standards…

A: When auditing an entity's financial statements in accordance with Government Auditing Standards (the…

Q: 25. Which of the following would not be included in an accountant's review report on the financial…

A: Accountant's Review Report - Accountant's Review report includes report on financial information,…

Q: S1: After conducting an audit and release of the audit report, the primary responsibility on the…

A: S1: After conducting an audit and release of the audit report, the primary responsibility on the…

Q: The following are specific balance-related audit objectives applied to the audit of accounts…

A: Audit is the process of examining the books of accounts of the business entity by a knowledgeable…

Question

From the following statements, identify the statement/s that will not participate in the audit of an entity.

Statement of Debtors

All the options

Statement of Creditors

Bank Reconciliation statement

Definition Definition Document prepared to identify any discrepancies between the passbook, which logs bank transactions, and the cash book, where a business tracks its own cash and bank transactions, so that corrective measures may be taken to reconcile the differences.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

{Auditing} 44. From the following statements, identify the statement/s that will not participate in the audit of an entity. a. Bank Reconciliation statement b. Statement of Debtors c. All the options d. Statement of Creditors
41-An auditor audits financial statements which include Income Statement, Position Statement and Statement of owners' equity. From the options given below put a name to individual or body of individuals responsible for the preparation of financial Statement in accordance with applicable financial reporting framework? O a. Bothe auditor and Management O b. TCWG c. None of the options O d. Auditor
29 From the following alternatives, choose the internal sources of audit evidence. a. Confirmation from Banker regarding the bank balance as per Bank Book b. Information from the storekeeper regarding closing inventory c. Confirmation from Debtors regarding the amount receivables from them. d. Confirmation from Creditors regarding the amount payable to them.
1. The tests of details of balances procedure to ‘foot the payables list for interest- bearing debt and agree to the general ledger’ is done to satisfy which audit objective? a. Existence. b. Detail tie-in. c. Classification. d. Cut-off.
29 From the following alternatives, choose the internal sources of audit evidence. a. Confirmation from Banker regarding the bank balance as per Bank Book b. Information from the storekeeper regarding closing inventory c. Confirmation from Debtors regarding the amount receivables from them. d. Confirmation from Creditors regarding the amount payable to them. Clear my choice
Which of the following questions would auditors most likely include on an internal control questionnaire for notes payable?a. Are assets that collateralize notes payable critically needed for the entity’s continued existence?b. Are two or more authorized signatures required on checks that repay notes payable?c. Are the proceeds from notes payable used to purchase noncurrent assets?d. Are direct borrowings on notes payable authorized by the board of directors?
Which financial item of a bank is audited when the auditor pays particular attention toestablishing the ownership of instruments held in bearer form and whether there are anyencumbrances on the title to the instruments? A. Due from other banksB. Securities held for trading purposesC. Investments in Subsidiaries and Associated EntitiesD. Loans
Which of the following are audit evidences? a) Inspecting non-current/fixed assets b) An item of inventory/stock that is present at the inventory/stock count c) A bank statement d) Counting cash balance of the firm e) A paper showing reconciliation of debtors control account with debtor sub-ledger f) A sales invoice g)Inquiry on fraud or theft happened during the year Only e) , f) ,g) and a) Only a) , d) and g) Only f) , c) and e) Only b) , c) , e) and f)
30 Which of the following is not a principal objective in auditing accounts receivable? Group of answer choices To determine whether the accounts are collected by the balance sheet date. To determine whether receivables are carried at their net realizable value. To determine whether receivables are properly classified, described, and disclosed in the financial statements, including notes, in conformity with Philippine Financial Reporting Standards. To determine whether the entity has real claims in all receivables on the balance sheet.
27. If the auditors disagree with management regarding an accounting principle used in the financial statements, the auditors should express their views in the notes to the financial statements." Select one:TrueFalse
27-The auditor considers materiality from the point of ___________ a. individual account balance b. Overall financial information c. Overall financial information and individual account balance d. Past experiences
When auditing contingent liabilities, which of the following procedures would be MOST effective? a. Reviewing the allowance for doubtful accounts. b. Reviewing the bank cutoff statement. c. Examining customer confirmation replies. d. Examining invoices for repairs expense. e. Abstracting the minutes of the board of directors.