List for each of the audit procedure is it a test of control or a substantive test of transactions.

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Answer 1

Question

Chapter 14, Problem 26DQP

a.

To determine

List for each of the audit procedure is it a test of control or a substantive test of transactions.

b.

To determine

Identify the transaction related audit objectives out of the 7 transactions.

c.

To determine

State the type of evidence used for each audit procedure.

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The following are commonly performed tests of controls and substantive tests of transactions audit procedures in the sales and collection cycle: Review the prelisting of cash receipts to determine whether cash is prelisted daily. Reconcile the recorded cash receipts on the prelisting with the cash receipts journal and the bank statement for a one-month period. Account for a sequence of shipping documents and examine each one to make sure that a related sales invoice exists. Account for a sequence of sales invoices and examine each one to make sure that a related shipping document exists. Compare the quantity and description of items on shipping documents with the related sales invoices. Trace recorded sales in the sales journal to the related accounts receivable master file and compare the customer name, date, and amount for each one. Examine sales returns for approval by an authorized official. Required Identify whether each audit procedure is a test of control or a…

Answer 2

Question

Chapter 14, Problem 26DQP

a.

To determine

List for each of the audit procedure is it a test of control or a substantive test of transactions.

b.

To determine

Identify the transaction related audit objectives out of the 7 transactions.

c.

To determine

State the type of evidence used for each audit procedure.

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Answer 3

Question

Chapter 14, Problem 26DQP

a.

To determine

List for each of the audit procedure is it a test of control or a substantive test of transactions.

b.

To determine

Identify the transaction related audit objectives out of the 7 transactions.

c.

To determine

State the type of evidence used for each audit procedure.

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Answer 4

Question

Chapter 14, Problem 26DQP

a.

To determine

List for each of the audit procedure is it a test of control or a substantive test of transactions.

b.

To determine

Identify the transaction related audit objectives out of the 7 transactions.

c.

To determine

State the type of evidence used for each audit procedure.

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Answer 5

Chapter 14, Problem 26DQP

a.

To determine

List for each of the audit procedure is it a test of control or a substantive test of transactions.

b.

To determine

Identify the transaction related audit objectives out of the 7 transactions.

c.

To determine

State the type of evidence used for each audit procedure.

Answer 6

Chapter 14, Problem 26DQP

a.

To determine

List for each of the audit procedure is it a test of control or a substantive test of transactions.

Answer 7

Chapter 14, Problem 26DQP

a.

To determine

List for each of the audit procedure is it a test of control or a substantive test of transactions.

Answer 8

b.

To determine

Identify the transaction related audit objectives out of the 7 transactions.

Answer 9

b.

To determine

Identify the transaction related audit objectives out of the 7 transactions.

Answer 10

c.

To determine

State the type of evidence used for each audit procedure.

Answer 11

c.

To determine

State the type of evidence used for each audit procedure.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 14 - Describe the following documents and records and...Ch. 14 - Prob. 2RQ Ch. 14 - Prob. 3RQ Ch. 14 - Prob. 4RQ Ch. 14 - Prob. 5RQ Ch. 14 - Prob. 6RQ Ch. 14 - Prob. 7RQ Ch. 14 - Prob. 8RQ Ch. 14 - Prob. 9RQ Ch. 14 - Prob. 10RQ

List for each of the audit procedure is it a test of control or a substantive test of transactions.

Solution Summary: The author explains the type of evidence used for each audit procedure, which is as follows: Receipts can serve as evidence.

List for each of the audit procedure is it a test of control or a substantive test of transactions.

Identify the transaction related audit objectives out of the 7 transactions.

State the type of evidence used for each audit procedure.

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Chapter 14 Solutions