In determining whether transactions have been recorded, the direction of the audit testing should be from the: A. General ledger balances B. Adjusted trial balance C. Original source documents D. General journal entries

Q: Explain why it is important for audit documentation to include eachof the following: identification…

A: Audit Report is the verification of financial statements of a company by an outsider/insider to…

Q: The auditing standards regarding subsequently discovered facts refers to knowledge obtained aftera.…

A: Answer:   Option B

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

A: Accounts receivable is the balance of money due to a firm for goods or services delivered or used…

Q: Indicate the primary audit objective for the following audit procedure: Foot the accounts payable…

A: Audit refers to the examination or auditing of the financial statements (FS) namely income statement…

Q: Which refers to the record of audit procedures performed, relevant audit evidence obtained, and…

A: Audit documentation can be termed as keeping various records and procedures which was performed by…

Q: After the financial statements are issued, auditors finish the substantive procedures. Identify the…

A: Introduction: Substantive processes must be carried out after the date of financial statements.

Q: An auditor will most likely review an entity’s periodic accounting for the numerical sequence of…

A: Completeness represents that assets and liabilities are recorded and proper disclosure has been made…

Q: Name the record in which the auditor records the audit procedures performed, the relevant audit…

A: Auditing means checking the accuracy and reliability of financial statements. In the process of…

Q: What are the requirements for referencing a Component Auditor in the Audit Report?

A: Definition:   Component auditor: The component auditor performs the audit of the component of the…

Q: Please briefly discuss the need for the auditor’s evaluation of post balance sheet events as well as…

A: Post balance sheet events means events that are passed after the balance sheet date. Going concern…

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: Define materiality and determine how the level of materiality is assessed.

A: Materiality is a concept which is applied by the auditor according to his best judgement of the…

Q: Testing the information on the aged trial balance for detail tie-in is a necessary audit procedure,…

A: Trial balance is the summary of all general ledger accounts being used in business. Audit is the…

Q: An audit strategy memorandum containsa. Specifications of auditing standards relevant to the…

A:

Q: During an audit engagement, pertinent data are compiled and included in the auditfiles. The audit…

A: Auditing:   Auditing is a gathering of information and evaluation of evidence as to report on the…

Q: Audit documentation is the written record of the basis for the auditor's conclusions that provides…

A: Audit:- An audit is referred as the physical examination of books of accounts of particular company…

Q: In determining whether transactions were really exist, the direction of the audit testing should be…

A: In determining whether transactions were really exist, the direction of the audit testing should be…

Q: What are the stages of an audit from beginning to end.

A: The Auditing is an independent examination of financial statements of an organization whether Profit…

Q: Three common types of attestation services are Select one: O a. audits of historical financial…

A: Introduction: Auditing: Auditing means examining the books maintained by the company , Inspection of…

Q: What are auditors’ responsibilities for subsequently discovered facts if these are identified…

A: Subsequently Discovered Facts: These are the facts that become available or known to the auditor…

Q: Audit testing relates to the completeness and occurrence assertions. Discuss the testing activities…

A: Audit testing relates to the completeness and occurrence assertions where as vouching is used for…

Q: Apply your knowledge to perform audit procedures in the revenue and collection cycleand evaluate the…

A: sales and collection cycle:- in business it refers to the set of processes that begin when a…

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

A: Accounts receivable: It can be defined as the sum of money that is owed by the customers 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: An audit plan containsa. Specifications of audit standards relevant to the financial statements…

A: Answer: b. Specifications of procedures the auditors believe appropriate for the financial…

Q: What steps are used by auditors to find out what happened after the first audit?

A: Answer: Audit is the independent check of the financial statements to give true and fair opinion.

Q: What is the relationship between the audit of property, plant, andequipment accounts and the audit…

A:

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: What are auditors' obligations for later found facts uncovered (a) before to the audit report's…

A: Facts Discovered Subsequently: These are facts that become accessible or become known to the auditor…

Q: The following are procedures to obtain audit evidence except: a. Physical examination. b.…

A: Audit is the process of checking and examining books of accounts and financial information in order…

Q: The audit report dates are: a. Closing date of client's book b. The date on which the letter of…

A: Audit report is the auditor’s opinion expressed by an internal or external auditor upon examining…

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

A: Accounts receivables include those consumers or firms which have not paid the amount to the…

Q: Indicate a specific audit procedure under each of the following categories, as applied particularly…

A: Audit:   It is a procedure for examining a company's financial statements. The goal of auditing is…

Q: Audit documentation is the written record of the basis for the auditor's conclusions that provides…

A: Audit Documentation is the record of all the Audit procedures that are performed, sufficient Audit…

Q: Analytical procedures are often performed on accounting ratios. Discuss the usefulness of analytical…

A: It is mandatory for the auditor to conduct a risk assessment to identify and assess the risk of data…

Q: What should occur if the audit report has already been issued and the auditor becomes aware of a…

A: According to IAS 10, Subsequent events are the events that occur after the financial statement dates…

Q: Please see attached screenshot. Thank you!!!!

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

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…

Q: Audit planning is conducted at the beginning of the audit process to establish the overall audit…

A: The steps in audit planning are: Step 1. Planning by an auditor The auditor will review prior audits…