Which of the following circumstances would most likely cause an audit team to performextended procedures?a. Supporting documents are produced when requested.b. The client made several large adjustments at or near year-end.c. The company has recently hired a new chief financial officer after the previous oneretired.d. The company maintains several different petty cash funds

Q: Two features of internal control are presented in the following sections. Each is followed by a list…

A: Internal controls is the control mechanism implemented in the organisation, which helps ensure…

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: 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: A client has a separate sales group for its largest “preferred” customers, a select group of…

A: Given case is: A client has a separate sales group for its largest “preferred” customers, a select…

Q: When planning to perform an audit, an accountant must have a clear understanding of audit risk and…

A: Audit risk It is the risk that financial statements are materially incorrect, even though 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 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: Ottawa Landscaping fired its new bookkeeper due to concerns over the individual’s competence. You…

A: Bank Reconcilation Statement It is a statement which shows the reconcilation of an entity’s bank…

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: Which among the following types of audit evidence can be considered the most reliable? a. Verbal…

A: Please see the next step for the solution

Q: hich of the following is correct regarding the result of a cash disbursement cut-off rendered by an…

A: Cut-off arrangements are the precautions taken by the business entity to keep the business…

Q: type of audit report

A: Audit report is the document issued by the auditor to express his opinion on the true and fair view…

Q: Two features of internal control are presented in the following sections. Each is followed by a list…

A: Internal control is the control system implemented in the organisation to ensure that the…

Q: When auditing the cash account, the auditor traces the cash receipts, which are recorded on the cash…

A: Auditing refers to the process of physically evaluating and inspecting all the financial information…

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 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: Which of the following procedures would most likely be performed during planning?a. Surprise…

A: Identifying related parties would most likely be performed during planning.

Q: You are involved with the audit of Jelco Company for year 1 and have been asked to consider the…

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

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: Timing of Test of Controls and Sample Selection. Susan Hill was examining controlsfor the…

A: Definition: Auditor: Auditor is an accounting professional hired by a company to review 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: After completing a horizontal and vertical analysis of the Balance Sheet and Income Statement.  It…

A: The answer is stated below:

Q: Which of the following is the best audit procedure for determining the existence of unrecorded…

A:

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: For each of the following audit procedures, state which type of evidence-gathering technique is…

A: As per our protocol we provide solution to the first three sub-parts only but you have asked…

Q: Explain why each of the following combinations of tasks should or should no be separated to achieve…

A: Solution:- a)Approval of bad debt write-offs and the reconciliation of the AR subsidiary ledger and…

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 following matters were noted in the audit of Tools N Things: a. An order was never billed…

A: Control Test of control FS assertion Pre-numbered shipping documents are accounted for to…

Q: Which one of the following reflects a weak internal control system? A. all employees are well…

A: Ans. 1.For an effective internal control system in an organisation there should be proper…

Q: For each case, state the type of audit opinion which should be expressed and provide an explanation…

A: Audit Opinion While conducting the Auditing the management of the business submit their financial…

Q: The following are typical questions that might appear on an internal control questionnaire for…

A: Internal controls: Designing and implementing internal controls is the responsibility of the…

Q: Explain why each of the following combinations of task should or should not be separated to achieve…

A: The approval and write-offs of bad debt and reconciliation of account receivable and general control…

Q: Common Law Responsibility for Errors and Fraud. Huffman & Whitman (H&W), alarge regional…

A: a.

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: In the audit of a client with a fiscal year ending December 31, the CPAs obtain a January 10 bank…

A: A bank reconciliation statement refers to the statement that matches the balance as per the bank…

Q: Identify the internal control principle that was violated in each of the following separate…

A: Internal controls are the components, rules, and methodology carried out by an organization to…

Q: When auditing with “fraud awareness,” auditors should especially notice and reviewemployee…

A: The right is( a) The company always estimates the inventory but never takes a complete physical…

Q: Which of the following substantive procedures should auditors ordinarily perform regarding…

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

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.