Which of the following is the best reason for prenumbering in numerical sequence documents such as sales orders, shipping documents, and sales invoices?a. Enables company personnel to determine the accuracy of each document.b. Enables personnel to determine the proper period recording of sales revenue and receivables.c. Enables personnel to check the numerical sequence for missing documents and unrecorded transactions.d. Enables personnel to determine the validity of recorded transactions.

Q: Which of the following is NOT an issue with the Bradmark internal controls as it pertains to the…

A:

Q: When auditing the revenue and collection cycle, auditors normally select balances to confirm from…

A: Revenue and collection cycle: The revenue cycle records all the transactions that originate from…

Q: Normally revenue is recognized when:

A: Answer

Q: Which of the following test controls most likely would help assure an auditor that goods shipped are…

A: In order to test the effectiveness of the control so as to detect the material misstatement, an…

Q: The purpose of an audit trail is to be able to trace a transaction from its original through source…

A: The audit trail for goods returned by customers means checking whether the goods which are returned…

Q: For each of the accounts balances and associated assertions below, select the audit procedure from…

A: Auditing procedures are those which are step by step followed by the auditor in evaluating the…

Q: As the manager of the external audit team, you realize that the embedded audit module only writes…

A:

Q: up of answer choices a.The personnel in the receiving department should be separated from the…

A: the purchase you also known as account payable system and the cash disbursement cycle execute the…

Q: The auditor is verifying whether all goods received by the company have been recorded appropriately.…

A: Auditor is one who audits the financial statement of company so as to provide fair view on the…

Q: If the objective of a test of detail of transaction is to detect overstatement of sales, the…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: he auditor of Kent Ltd selects a sample from the file of shipping documents in order to confirm that…

A: An audit report is provided by an independent auditor that contains the opinion of the auditor on…

Q: The following internal controls were identified by the auditor while gaining an understanding of…

A: Internal Controls: These are controls implemented by the management to oversee the business…

Q: Which of the following statements is correct? Select one: a. Account receivable turnover is equal to…

A: Accounts Receivables Turnover Ratio

Q: Evidence comes in various types and has different degrees of reliability. Below are some pairs of…

A: The auditors are professional who possesses accounting, auditing, and taxation expertise. The…

Q: The separation of operational responsibility from record keeping is meant to prevent different types…

A: The management of the company is the main responsible for preparing the financial statements which…

Q: When an audit team does not receive a response on a positive accounts receivable confirmation,…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: To test whether debits to accounts receivable represent valid transactions, the auditor should trace…

A: Account receivable  are shown in BALANCE sheet and it is important for business to know the the…

Q: When an audit team traces a sample of shipping documents to the related sales invoice copies, they…

A: Accounts Receivables: Accounts receivables are those accounts that occur due to incomes for which…

Q: Which of the following is incorrect related to the purchasing and cash disbursement cycle?   Group…

A: Purchasing and cash disbursement cycle is a combination of activities related to business for…

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: The following are examples of documentation typically obtained by auditors: Duplicate sales…

A: Auditing: It is systematic process of examining books of accounts and relevant financial information…

Q: Indicate whether each of the following audit procedures is a testof controls, a substantive test, or…

A:

Q: Which of the following manipulations would understate accounts payable on the financial statements?…

A: Account payable  means the amount owed by business to outsider for the goods received and services…

Q: Which of the following tests is directed towards the management assertion of completeness of sales?…

A: It is one of the fundamental accounting principles that costs and revenues should be recognized as…

Q: Which task must still require human intervention in an automated purchases/cash disbursements…

A: Cash disbursement: Cash disbursement refers to the outflow of cash paid in exchange for provision of…

Q: During the confirmation of accounts receivable, an auditor receives a confirmation via the client’s…

A:

Q: The following are commonly performed tests of controls and substantive tests of transactions audit…

A: Audit procedures are steps taken by auditors to obtain all information regarding the quality of the…

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

A: The key Internal control activities are as follows:- Segregation of duties Authorization and…

Q: he internal control questionnaire for purchases and accounts payable includes the following…

A: Assertions are qualities that must be verified in order to guarantee that financial reports and…

Q: Which of the following audit procedures represent a substantive test of transaction that would…

A: Substantive test of transaction is the checking of the transaction with the supporting documents at…

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

A: The question is related to the Auditing. Itbis related with the technique used to gathering…

Q: The internal control questionnaire for purchases and accounts payable includes the following…

A: Internal control is very important for every business organisation. It helps in achievement of…

Q: The following are five situations,

A: Six factors that determine the reliability of the evidence as follow: Independent external source:…

Q: A serious exposure in the revenue cycle is customer dissatisfaction. What is the related threat and…

A: In this question we tell about a serious exposure in the revenue cycle is customer…

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: document that the auditor would test would mostly likely be the? A. Supplier Invoice B. Purchase…

A: To  verify whether all goods received by the company have been recorded appropriately, the source…

Q: Which of the following tests of details most likely would help an auditor determine whether accounts…

A:

Q: Provide an appropriate response based on the following scenarios. Assume that the accounting…

A:

Q: The following questions concern types of audit tests.Choose the best response.a. The auditor looks…

A: Answer:   Option 2.

Q: In the expenditure cycle, the control procedure of comparing inwards goods documents to vendor…

A: Solution : Correct answer are               -failure to take advantage of discounts for prompt…

Q: As the auditor of Sample Limited you note the following matters relating to the internal control of…

A: Internal control is a system of organizing the company in which a set of rules, policies, and…

Q: A client erroneously recorded a large purchase twice. Which of the following internal accounting…

A: Internal control measures are those ways and measures which helps in achievement of objectives of…

Q: The following set of items describes activities completed by a company in purchasing and paying for…

A: All documents attached to an invoice approval form are canceled before a check is signed.

Q: Choose the one correct answer. Which of the following Test of Controls is done to examine whether…

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

Q: internal control of its sales

A: Internal control system is a set of rules and activities to be adhered during the conduct of…

Q: Which of the following is the best reason for pre-numbering in numerical sequence documents sucj as…

A: Pre-numbering is a internal control measure

Q: Which of these arrangements of duties could most likely lead to an embezzlement or theft?a. The…

A: