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 42OQ
To determine

Identify the audit procedure relating to the defined audit objectives.

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The auditors have determined that each of the following objectives will be a part of the audit of SSC Corporation.  While several procedures will ordinarily address an audit objective, select the procedure most directly related to the audit objective.  Each procedure may be used once, more than once, or not at all. 1. All receivables that should be recorded are recorded as of year-end. 2. Recorded receivables are at appropriate net realizable values. 3. Recorded receivables exist. 4. The client has rights to recorded year-end receivables. 5. The presentation and disclosure of receivables are adequate.     Trace a sample of sales invoiced from late in December to the sales journal and to postings in accounts receivable and sales amounts.   Review the aged trial balance for significant past due accounts.   Review board of director minutes and underlying contracts and sales terms with customers.   Vouch year-end accounts…
After a preliminary review of the clients, revenue and receipt transaction cycle, the auditor assessed the preliminary audit risk at a high level, which of the following additional procedures would the auditor most likely perform next: * a. Obtain evidence about the consistency of the application of the client's internal control procedures. b. Increase the overall audit materiality level. c. Perform extensive analytical procedures as substantive test at year-end. d. Increase the volume of evidence that will satisfy the auditor's sufficiency criteria. e. None of the above
An audit strategy sets the direction, timing, and scope of an audit. Based on your audit knowledge, which of the following would be included in the audit strategy document?   Select one:a. A flowchart of the entity's internal control system.b. The decision as to the combination of substantive testing and tests of control that would be adopted.c. The number of sales transactions to be tested.d. The results of the interim testing of payroll.

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Principles Of Auditing & Other Assurance Services

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