Which of the following is the best audit procedure for determining the existence of unrecorded liabilities?a. Examine confirmation requests returned by creditors whose accounts are on a subsidiary trial balance of accounts payable.b. Examine a sample of cash disbursements in the period subsequent to year-end.c. Examine a sample of invoices a few days prior to and subsequent to the year-end to ascertain whether they have been properly recorded.d. Examine unusual relationships between monthly accounts payable and recorded purchases.

Q: State the appropriate audit opinion that the auditor would require.

A: Among various Auditor's Opinions, one of the opinion can be Disclaimer of Opinion.  Auditor needs to…

Q: Identify the primary audit objectives that auditors hope to accomplish by confirming a client's…

A: Accounts receivable (AR) is the money owed to a company for products or services that have been…

Q: Which of the following audit procedures is least appropriate for addressing the assertion of…

A: Assertion of Valuation is one of the 7 assertions of Auditing. Under the assertion of valuation, it…

Q: Dodge, CPA, is auditing the financial statements of amanufacturing company with a significant amount…

A: Trade account receivables are the payments which the customer owes to the company. They arise when…

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: In the audit of notes payable, which balance-related audit objective is generally oneof the most…

A: Notes payable (NP): Notes payable is an obligation which arises on a debt agreement between a…

Q: Which of the following is not an objective of the cash audit? determine that a. A long-term…

A: Objectives of Cash Audit One of the objectives for a cash audit is to verify that the recorded cash…

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: For each situation, identify the appropriate audit report and briefly explain the rationale for…

A: Auditors report is a formal document prepared by the external auditor after the completion of audit…

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: In a manufacturing company which one of the following audit procedures would give the  least…

A: Existence of assets in general balance of investment is generally audited by performing the…

Q: Which of the following is the best audit procedure for the detection of lapping?   a. Comparison of…

A: Lapping means deliberately misappropriation of the funds by the employee of the organization.  When…

Q: Attached is an audit working paper prepared by a new staff auditor based on his testing of a…

A: Auditor while performing his duties for conducting an audit prepares some documents, file work and…

Q: Which of the following audit procedures is least effective for detecting unrecorded long-term debt…

A: Lets understand the basics. Management needs to perform an audit procedure in order to express an…

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: Which of the following types of audit evidence provides the least assurance of reliability?

A: Answer:   Option B

Q: ient’s treasurer. d. A check, issued by the company and bearing the payee’s endorsement, that is…

A: Given: To explain the correct option among the given options as,

Q: The following audit procedures are consistent with gathering evidence about the valuation assertion…

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Q: Determine the following as a result of your audit: 1. How much is the correct carrying value of the…

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Q: The overall objective in the audit of the acquisition and payment cycle is:  Group of answer…

A: Introduction:- An audit is an "independent examination of financial statements of an organization.…

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: The following audit procedures are consistent with gathering evidence about the valuation assertion…

A: Accounts receivables are those accounts to whom business has made credit sales on account and amount…

Q: Which of the following procedures would provide the most reliable audit evidence?a. Inquiries of the…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoice and other documents…

Q: auditors responsible for searching for fraud while reviewing a public companys quarterly financial…

A: Answer: No an auditor is not responsible for searching for fraud while reviewing a public company.

Q: determine its proper allowance for loan losses

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Q: Which of the following procedures would an auditor most likely perform to obtain evidence about the…

A: Subsequent events: Those events which occur between the date of financial statements and the audit…

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A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: emphasis of the auditor in the following audit procedures?

A: Option 1 is wrong because by confirming the total amount of accounts payable subsidiary record with…

Q: In preparing for the audit of cash, the auditors perform analytical procedures concerning cash…

A:

Q: As part of the audit of different audit areas, auditors should bealert for the possibility of…

A: a. b. c.

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Q: The following are useful source of evidence with regard the reasonableness of the client’s…

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Q: Why is it more important to search for unrecorded notes payablethan for unrecorded notes receivable?…

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Q: The typical procedures performed to verify that the client has not omitted any amounts from the…

A: The answer is option (d.) [subsequent payments testing]

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Q: Assume that you will be unable to inspect the securities owned by the client on the balance sheet…

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

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A: Balance-sheet represents the financial position of the organization related to a specific period in…

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

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

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

A: The following are the audit procedures Inspecting non-current/fixed assets An item of…