Auditing and Assurance Services, Student Value Edition (16th Edition)
16th Edition
ISBN: 9780134075754
Author: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 14, Problem 12RQ
To determine
Determine the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Which of the following is the best audit procedure for the detection of lapping?
Â
a. Comparison of postings of cash receipts to accounts with the details of cash deposits.
b. Confirmation of the cash balance.
c. Reconciliation of the cash account balances.
d. Preparing a proof of cash.
List several audit procedures that the auditor can use to determinewhether all cash received was recorded.
6) Examine the cash receipts journal in the accounting system and compare the amounts received to the corresponding amounts invoiced in the revenue accounting system and to the bank statement evidencing the deposit. This is an example of which of the following?         Â
Â
Â
Â
Â
Â
A) audit objective      Â
Â
Â
Â
  B) audit assertion
Â
Â
Â
Â
C) audit procedure          Â
Â
Â
 D) audit program
Chapter 14 Solutions
Auditing and Assurance Services, Student Value Edition (16th Edition)
Ch. 14 - Describe the following documents and records and...Ch. 14 - Prob. 2RQCh. 14 - Prob. 3RQCh. 14 - Prob. 4RQCh. 14 - Prob. 5RQCh. 14 - Prob. 6RQCh. 14 - Prob. 7RQCh. 14 - Prob. 8RQCh. 14 - Prob. 9RQCh. 14 - Prob. 10RQ
Ch. 14 - Prob. 11RQCh. 14 - Prob. 12RQCh. 14 - Prob. 13RQCh. 14 - Prob. 14RQCh. 14 - Prob. 15RQCh. 14 - Prob. 16RQCh. 14 - Prob. 17RQCh. 14 - Prob. 18RQCh. 14 - Prob. 19.3MCQCh. 14 - Prob. 19.1MCQCh. 14 - Prob. 19.2MCQCh. 14 - Prob. 20.1MCQCh. 14 - Prob. 20.2MCQCh. 14 - Prob. 20.3MCQCh. 14 - An auditor is performing substantive tests of...Ch. 14 - Prob. 21.2MCQCh. 14 - Prob. 22.1MCQCh. 14 - Prob. 22.2MCQCh. 14 - Prob. 22.3MCQCh. 14 - Prob. 23DQPCh. 14 - Prob. 24DQPCh. 14 - Prob. 25DQPCh. 14 - Prob. 26DQPCh. 14 - Prob. 27DQPCh. 14 - Prob. 28DQPCh. 14 - Prob. 29DQPCh. 14 - Prob. 30DQPCh. 14 - Prob. 31DQPCh. 14 - Prob. 32DQPCh. 14 - Prob. 33DQPCh. 14 - Prob. 34CCh. 14 - Prob. 35ICA
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- List the transaction-related audit objectives for the verificationof cash receipts. For each objective, state one internal control that the client can use toreduce the likelihood of misstatements.arrow_forwardWhen auditing the cash account, the auditor traces the cash receipts, which are recorded on the cash receipt journal but not on the current period bank statement, to subsequent bank statements. Which of the following audit objectives are tested?  A. Classification and cut-off  B. Completeness and occurrence  C. Occurrence and cut-off  D. Completeness and cut-off  E. Classification and occurrencearrow_forwardDescribe a number of audit processes the auditor may use to evaluate whether all of the money received was properly documented..arrow_forward
- If you are going to audit the cash receipts cycle, what are the things you need to prepare?arrow_forwardWhat audit procedures would you use to determine that the cash balances actually exist at the balance sheet date? Is a bank statement provided by the client sufficient audit evidence?arrow_forwardWhich of the following provides the highest-quality evidence regarding the Valuation of recorded accounts payable? Â Question 5 options: Â Inspecting invoices for all cash disbursements during the year. Â Performing analytical procedures. Â Confirming balances with creditors and suppliers. Â Recalculating the balance of accounts payable.arrow_forward
- In preparing for the audit of cash, the auditors perform analytical procedures concerning cash balances. Which of the following would be the best source of information for use in the estimate of cash?a. Prior-years’ balances.b. Management inquiry.c. Cash budgets.d. Aged accounts receivable reportsarrow_forwardIn an audit of cash receipts, fraud detection is often a primary focus. It's up to the auditor to decide whether this is consistent or not with their responsibilities. Explain.arrow_forwardWhat is cash disbursement journal? Why it is useful to auditor in cash audit?arrow_forward
- Which of the following tasks should the cash disbursement clerk NOT perform?a. review the supporting documents for completeness and accuracyb. prepare checksc. approve the liabilityd. mark the supporting documents paidarrow_forwardWhich of the following audit procedures is aimed most directly at testing the completeness assertion for accounts payable? Â Â Footing the list of accounts payable. Â Â Tracing shipping reports after year-end to related customer purchase orders and invoices. Â Â Examining underlying documentation for cash disbursements in the period after year-end. Â Â Tracing shipping reports issued on or before year-end to related customer purchase orders and invoices.arrow_forwardExplain the relationships among the initial assessed controlrisk, tests of controls and substantive tests of transactions for cash receipts, and the testsof details of cash balances.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub