Auditing and Assurance Services, Student Value Edition (16th Edition)
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
Question
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Chapter 14, Problem 29DQP

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.

c.

To determine

State the substantive test that could be used to determine whether there was a monetary misstatement.

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Which of the following test controls most likely would help assure an auditor that goods shipped are properly billed? A. Scan the sales journal for sequential and unusual entries. B. Examine shipping documents for matching sales invoice. C. Compare the accounts receivalbe ledger to daily sales summaries. D. inspect unused sales invoices for consecutive prenumbering.
A sample of purchase orders and accompanying receiving reports were linked to the purchasing notebook and the cash disbursements record by an auditor. The goal of this substantive audit procedure was most likely to: a. Verify that cash disbursements were for goods actually received b. Determine whether purchases were properly recorded c. Identify unusually large purchases that should be investigated further. d. Test whether payments were for goods actually ordered
Which of the following audit procedures will best uncover an understatement of sales and accounts receivables? Select one: O 1. Test a sample of sales transactions, selecting the sample from pre numbered shipping documents O 2. Test a sample of sales transactions, selecting the sample from sales invoices recorded in the sales journal O 3. Confirm accounts receivable 4. Review the aged receivable trial balance
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