EBK AUDITING+ASSURANCE SERVICES
17th Edition
ISBN: 9780135171219
Author: ARENS
Publisher: PEARSON CO
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Chapter 16, Problem 15RQ
To determine
Discuss the circumstances that an auditor would choose to confirm information such as the right of return or special sales terms in addition to the customer balance.
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Under what circumstances would an auditor choose to confirminformation such as the right of return or special sales terms in addition to the customerbalance?
Explain the importance of proper credit approval for sales. Whateffect do adequate controls in the credit function have on the auditor’s evidence accumulation?
Why do auditors focus on revenue as a significant account and the occurrence of revenue as a relevant assertion in the revenue cycle?
Chapter 16 Solutions
EBK AUDITING+ASSURANCE SERVICES
Ch. 16 - Prob. 1RQCh. 16 - Prob. 2RQCh. 16 - Prob. 3RQCh. 16 - Prob. 4RQCh. 16 - Explain why you agree or disagree with the...Ch. 16 - Prob. 6RQCh. 16 - Prob. 7RQCh. 16 - Prob. 8RQCh. 16 - Prob. 9RQCh. 16 - Prob. 10RQ
Ch. 16 - Prob. 11RQCh. 16 - Under what circumstances is it acceptable to...Ch. 16 - Prob. 13RQCh. 16 - Prob. 14RQCh. 16 - Prob. 15RQCh. 16 - Prob. 16RQCh. 16 - Prob. 17RQCh. 16 - Prob. 18RQCh. 16 - Prob. 19RQCh. 16 - Prob. 20.1MCQCh. 16 - Prob. 20.2MCQCh. 16 - Prob. 20.3MCQCh. 16 - The following questions deal with confirmation of...Ch. 16 - Prob. 21.2MCQCh. 16 - Prob. 21.3MCQCh. 16 - Prob. 22.1MCQCh. 16 - Prob. 22.2MCQCh. 16 - Prob. 22.3MCQCh. 16 - Prob. 23.1MCQCh. 16 - Which of the following is least likely to be a...Ch. 16 - The following questions concern auditor...Ch. 16 - Prob. 24DQPCh. 16 - Prob. 25DQPCh. 16 - Prob. 26DQPCh. 16 - The following misstatements are sometimes found in...Ch. 16 - Prob. 28DQPCh. 16 - Prob. 29DQPCh. 16 - Prob. 30DQPCh. 16 - Prob. 31DQPCh. 16 - Prob. 32DQPCh. 16 - Prob. 33DQPCh. 16 - Prob. 34DQPCh. 16 - Prob. 35DQPCh. 16 - Prob. 36DQPCh. 16 - Prob. 38DQPCh. 16 - Prob. 39ICA
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- Where would an auditor find the proper authorization that indicates it is okay to pay a vendor?arrow_forwardWhat is the purpose of analytical reviews in the audit of revenue cycle accounts? Please give an example.arrow_forwardWhat substantive analytical procedures might an auditor use to perform an analytical procedure for accounts payable? Please provide reference(s).arrow_forward
- if the auditor want to assure that Receivables have not been sold. What assertion he or she want to test : Select one: a. Existence b. Completeness c. Rights and obligations d. Valuation and allocationarrow_forwardWhich assertion is most likely being tested when an auditor vouches transactions from the sales Journal to the sales orders? a. cutoff b. rights c. completeness d. accuracyarrow_forwardAn audit team would most likely examine the detail support for charges to which of the following accounts?a. Payroll expense.b. Cost of goods sold.c. Supplies expense.d. Legal expense.arrow_forward
- Why is it necessary to pre-number reports received? In what way might an auditor examine a claim made in the receiving reports?arrow_forwardDefine and give examples of off-balance-sheet information. Why should auditors be concerned with such items?arrow_forwarddiscuss the process of auditing the following:• Revenue• Receivables• Expected Credit Loss (ECL)arrow_forward
- An auditor's techniques for examining the balance sheet's accounts receivable account are most likely to concentrate on management's claim ofarrow_forwardWhat possible actions would an auditor might take if a client’s financial statements depart from GAAP. Would the demand for assurance services increase or decrease in the future?arrow_forwardwhen auditing VAT payable account, what are the considerations that you need to remember and procedures that you need to do say that you have gained a reasonable assurance of its compliance with standards and regulatory protocols?arrow_forward
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