ou are auditing a client that supplies electrical products to retail stores and electrical contractors throughout the country. The client keeps its accounts receivable records on a computer system, which is updated at the end of each business day. You plan to audit accounts receivable balance as at the end of the financial year, and you have a generalised audit software (GAS) package available to help in this task. Required: Identify ten (10) substantive audit procedures that you could perform using generalised audit software (GAS) in relation to auditing the accounts receivable acc

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A: Internal controls means the control related to internal functions of the system and its procedures.

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Q: You were assigned to audit the financial statements of PASADO Company for the year ended December…

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Q: The following are audit procedures in the sales and collectioncycle:1. Add the columns on the aged…

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

Q: As you are planning the annual audit of Norton Corporation, you note that the company has a number…

A: Internal controls are set up in IT systems to ensure that the financial information that is being…

Q: 5 sources of audit evidence the auditor can use as part of risk assessment procedures.

A: Audit evidence is the information collected through the audit procedures that enables the auditor to…

Q: Assume that a continuing audit client has recorded Accounts Receivable and Equipment both in the…

A: There is need of company auditing so that accuracy and transparency is maintained in the accounts…

Q: As you are planning the annual audit of Norton Corporation, you note at the company has a number of…

A: Internal Control: In order to achieve the objectives of the organization, the set procedures…

Q: The following are internal controls that theauditor has identified for various cycles.1. Sales…

A:

Q: You are in-charge of audit team of ABC Cement Company and you have been assigned to verify the…

A: The auditing will be conducted to find whether there are any errors or mistakes in the financial…

Q: b

A: The process of matching the detailed amounts of unpaid customer billings to the accounts receivable…

Q: Discuss the internal control weaknesses and risks associated with the above process

A: Financial Reporting System:   The financial reporting system (FRS) overview the financial resources…

Q: Janice Dodds opens the mail for the Ajax Plumbing Company. She lists all customer checks on a…

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: Star audit firm have started the annual audit of Carrefour Muscat. The auditors have a long meeting…

A: The audit process includes Creating audit procedures and plan. The auditors should design and plan…

Q: You are assigned to do the audit the work for Howard Ltd for the calendar year 2019, you found some…

A: Liability is the amount which the person or company owes to outsiders. Liabilities are recorded in…

Q: principles of internal control

A: Principles of internal controls are necessary concepts to be followed to control the operations in…

Q: You are a manager at the accounting firm, Junita & Partners. You are reviewing the audit working…

A: "Since you have asked multiple sub part question we will solve the first sub part question for you.…

Q: You have been assigned to the audit of Carter Brandon Co (CBC), and you are drafting the audit for…

A: Audit: It is the investigation of the financials of the company for the required period. the company…

Q: The CARE Corporation uses an IBM mainframe computer system with peripheral optical reader and…

A: Standards on Auditing provide a measure to ensure quality of auditing and achieve the objectives of…

Q: ou are an audit supervisor assigned to a new client which is listed on a Stock Exchange. You visited…

A: An internal auditor (IA) is a qualified specialist who is responsible for making unbiased and…

Q: Indicate whether each of the procedures of internal control over cash listed above represents (1) a…

A: Internal Control:   It is a process to ensue continuous reliability of accomplishments of a…

Q: You are a trainee in audit firm and you have been assigned to verify the follow balances for IJK…

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A: In the given case, Richard Foster was assigned audit work of Sipher Corporation for which he was…

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A: Definition of Audit: An audit may be defined as the critical examination of financial information of…

Q: You are an audit supervisor assigned to a new client which is listed on a Stock Exchange. You…

A: After a careful review of the budget for data security enhancement projects, you feel the budget…

Q: Discuss the internal control weaknesses and risks associated with the above process

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A: Auditing of Payroll system Payroll is considered to be one of the important part in the entity and…

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A: An audit is a process of checking and verifying the books of account and financial information of…

Q: nd observed that the client followed the stocktake instructions. She selected numerous items for…

A: Auditing involves an independent examination of financial records of an entity by the auditor with a…

Q: From there on, whenever she does any audit work, she will make sure

A: Audit working papers Audit working papers are the the property of auditor. They contain…

Q: You are auditing the Digos People’s Cooperative with a substantial annual sales, all of which are…

A: Fraud is deception with the intent of obtaining an illegal advantage for the perpetrator or…

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A:

Q: accounts payable assertions

A: Audit of accounts payable is done as a part of audit of financial statements to ensure that the…

Q: hen use checkmarks to identify which accounts are debited or credited. If none of these accounts is…

A: Identify which accounts are debited or credited. If none of these accounts is affected by the…

Q: V

A: trainee in an audit firm and you have been assigned to   Sales

Q: The following sales procedures were encountered duringthe annual audit of Marvel Wholesale…

A: Requirement 1: For minimizing the instances of failure to invoice a shipment and determining whether…

Q: The following procedures were recently installed by Raspberry Creek Company:a. After necessary…

A:

Q: The accounting clerk for the Ram System company receives source documents such as purchase orders,…

A: Financial Reporting System: The financial reporting system (FRS) overview the financial resources of…

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A: Introduction: Auditing: The process of independent examination of the financial information of the…

Q: You have been employed Arens & Elder CPA for many years. As a training officer for the firm, part of…

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Q: Richard Palm is the accounting clerk of Olive Limited. He uses the source documents such as purchase…

A: Richard Palm uses the source documents to record the entries into journal. He daily records the…

Q: The following procedures were recently installed by Raspberry Creek Company: a. After necessary…

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Q: Consider the following independent situations, all of which apply to audits of entities for the year…

A: Auditing: Auditing is an independent examination of financial statements. The set of financial…

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Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.