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- asap F Identify the primary audit objectives that auditors hope to accomplish by confirming a client's year-end accounts receivable. Explain the difference between "positive" and "negative" confirmation requests and discuss the quality of audit evidence yielded by each.how do auditor gather audit evidence during the period of covid 19 ? 700 wordsasap Identify the primary audit objectives that auditors hope to accomplish by confirming a client's year-end accounts receivable. Explain the difference between "positive" and "negative" confirmation requests and discuss the quality of audit evidence yielded by each.
- Choose the documents which should be included in the audit documentation a. Summaries of significant matter O b. Issue memoranda O c. Audit program O d. All the optionsWhich of the following statements is always true when an auditor is planning a year-end audit? 2 points Multiple Choice eBook References An engagement should not be accepted after the fiscal year-end. An inventory count must be observed at the balance sheet date. The client's audit committee should not be told of any specific audit procedures which will be performed. An audit plan should be developed that includes a time budget.Which of the following procedures would an auditor most likely perform to obtain evidence about the occurrence of subsequent events? A. confirming a sample of material accounts receiveable established after year-end. B. Comparing the financial statements being reported on with those of the prior period. C. Investigating personnel changes in the accounting department occurring after year-end. D. Inquiring as to whether any unusual adjustments were made after year-end.
- {Auditing} 22. ________________involves checking the arithmetical accuracy of a source of document and accounting record. a. Observation b. Inspection c. Enquiry d. ComputationAn auditor will most likely review an entity’s periodic accounting for the numerical sequence of shipping documents to ensure all documents are included to support management’s assertion about classes of transactions of: Select one: a. occurrence. b. completeness c. classification. d. accuracyWhich of the following engagement planning procedures would most likely assist the auditor in identifying related-party transactions before the balance-sheet date?a. Interviewing internal auditors about their reporting responsibilities.b. Reviewing accounting records for recurring transactions occurring near year-end.c. Inspecting communications with the client’s legal counsel regarding recorded contingentliabilities.d. Scanning the minutes for significant transactions with members of the board of directors
- Question 9 To test the reasonableness of the turnaround time of the applicable business process review, what tool can be used by the internal auditor? Group of answer choices Forcefield analysis Control sheets Check sheets Time and motion studyThe audit report dates are:a. Closing date of client's bookb. The date on which the letter of representation was receivedc. The date when the audit report is submitted to the clientd. The date on which all the necessary audit procedures were performedThe preparation of audit documentation is an integral part of an auditor’s examination of financial statements. On a recurring engagement, auditors review the audit plans and audit documentation from the prior audit while planning the current audit to determine their usefulness for the current-year work.Required:a. (1) What are the purposes or functions of audit documentation? (2) What records may be included in audit documentation?b. What factors affect the auditors’ judgment of the type and content of the audit documentation for a particular engagement?c. What should be included in audit documentation to support auditors’ compliance with generally accepted auditing standards?d. How can auditors make the most effective use of the prior-year audit plans in a recurring audit?