Principles Of Auditing & Other Assurance Services
Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Chapter 11, Problem 36KOQ
To determine

Identify the procedure that the auditor would most likely do to determine the existence of accounts receivable balances at the balance sheet date.

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Allison Everhart, an employee in accounts payable, believes she can run a fictitious invoice through the accounts payable system and collect the money. She knows payments are subject to an audit. Which account would be the best place to hide the fraud?a. Inventory.b. Wage expense.c. Consulting service expense.d. Property tax expense.
Clara and David are working on the audit of Treadway Enterprises, and are meeting to discuss the client's internal controls: specifically controls over the cash disbursements process. Which of the following statements most accurately describes the controls that should be in place for this function? O Before payment of any cash disbursements, the appropriate authorizations should be received, and the correct dollar amounts paid. O Before the audit client proceeds with any cash disbursements, the firm should have appropriate entity-level controls in place to ensure transactional accuracy. O As part of the cash disbursement cycle, the auditor is likely to examine a sample of receivables controls to ensure their effectiveness. O None of these answer choices are correct.
Jake, your staff auditor, will be performing the test of interbank transfers.  He plans to compare dates receipts were posted to the Bank of America account (on the bank statement) to dates the corresponding disbursements were posted to the Wells Fargo account (on the bank statement).  Jake's planned approach of focusing on transaction dates on the bank statements is the correct approach for testing interbank transfers.   Question options:   True   False

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Principles Of Auditing & Other Assurance Services

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