Indicate the control test deviation, a monetary misstatement or both.

Question

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Answer 1

Question

Chapter 18, Problem 4DQP

a.

To determine

Indicate the control test deviation, a monetary misstatement or both.

b.

To determine

Indicate transaction related audit objective.

c.

To determine

Indicate the importance of audit for each of this exception.

d.

To determine

Indicate the follow up procedures used to determine more about the nature of each exception.

e.

To determine

Indicate the affect of these exceptions on rest of the audit.

f.

To determine

Indicate the internal control that should have prevented each misstatement.

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You are auditing the Digos People’s Cooperative with a substantial annual sales, all of which are billed and collected locally. During your preliminary review of internal control, you discover the following procedures for handling cash receipts: Cash collections on over-the-counter and COD sales are received by the cashier from the customer or from the delivery service. Upon receiving cash, the cashier stamps the sales ticket “paid” and files a copy. The only record of COD sales is a copy of the sales ticket, which is given to the cashier to hold until cash is received from the delivery service. Mail is opened by the credit manager’s secretary, and remittances are given to the credit manager for review. The credit manager then places the remittances in a try on the cashier’s desk. At the time of the daily deposit – called “deposit cutoff time” – the cashier delivers the checks and currencies to the assistant credit manager, who prepares remittance lists and the bank deposit, and…

When auditing with “fraud awareness,” auditors should especially notice and reviewemployee activities under which of these conditions?a. The company always estimates the inventory but never takes a complete physical count.b. The petty cash box is always locked in the desk of the custodian.c. Management has published a company code of ethics and sends frequent communicationnewsletters about it.d. The board of directors reviews and approves all investment transactions

Answer 2

Question

Chapter 18, Problem 4DQP

a.

To determine

Indicate the control test deviation, a monetary misstatement or both.

b.

To determine

Indicate transaction related audit objective.

c.

To determine

Indicate the importance of audit for each of this exception.

d.

To determine

Indicate the follow up procedures used to determine more about the nature of each exception.

e.

To determine

Indicate the affect of these exceptions on rest of the audit.

f.

To determine

Indicate the internal control that should have prevented each misstatement.

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Answer 3

Question

Chapter 18, Problem 4DQP

a.

To determine

Indicate the control test deviation, a monetary misstatement or both.

b.

To determine

Indicate transaction related audit objective.

c.

To determine

Indicate the importance of audit for each of this exception.

d.

To determine

Indicate the follow up procedures used to determine more about the nature of each exception.

e.

To determine

Indicate the affect of these exceptions on rest of the audit.

f.

To determine

Indicate the internal control that should have prevented each misstatement.

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Answer 4

Question

Chapter 18, Problem 4DQP

a.

To determine

Indicate the control test deviation, a monetary misstatement or both.

b.

To determine

Indicate transaction related audit objective.

c.

To determine

Indicate the importance of audit for each of this exception.

d.

To determine

Indicate the follow up procedures used to determine more about the nature of each exception.

e.

To determine

Indicate the affect of these exceptions on rest of the audit.

f.

To determine

Indicate the internal control that should have prevented each misstatement.

Expert Solution & Answer

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Answer 5

Chapter 18, Problem 4DQP

a.

To determine

Indicate the control test deviation, a monetary misstatement or both.

b.

To determine

Indicate transaction related audit objective.

c.

To determine

Indicate the importance of audit for each of this exception.

d.

To determine

Indicate the follow up procedures used to determine more about the nature of each exception.

e.

To determine

Indicate the affect of these exceptions on rest of the audit.

f.

To determine

Indicate the internal control that should have prevented each misstatement.

Answer 6

Chapter 18, Problem 4DQP

a.

To determine

Indicate the control test deviation, a monetary misstatement or both.

Answer 7

Chapter 18, Problem 4DQP

a.

To determine

Indicate the control test deviation, a monetary misstatement or both.

Answer 8

b.

To determine

Indicate transaction related audit objective.

Answer 9

b.

To determine

Indicate transaction related audit objective.

Answer 10

c.

To determine

Indicate the importance of audit for each of this exception.

Answer 11

c.

To determine

Indicate the importance of audit for each of this exception.

Answer 12

d.

To determine

Indicate the follow up procedures used to determine more about the nature of each exception.

Answer 13

d.

To determine

Indicate the follow up procedures used to determine more about the nature of each exception.

Answer 14

e.

To determine

Indicate the affect of these exceptions on rest of the audit.

Answer 15

e.

To determine

Indicate the affect of these exceptions on rest of the audit.

Answer 16

f.

To determine

Indicate the internal control that should have prevented each misstatement.

Answer 17

f.

To determine

Indicate the internal control that should have prevented each misstatement.

Answer 18

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Answer 19

Expert Solution & Answer

Answer 20

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Answer 21

Ch. 18 - List five asset accounts, three liability...Ch. 18 - Prob. 2DQP Ch. 18 - Prob. 3DQP Ch. 18 - Prob. 4DQP Ch. 18 - Prob. 5DQP Ch. 18 - Prob. 6DQP Ch. 18 - Prob. 7DQP Ch. 18 - Prob. 8DQP Ch. 18 - Prob. 9DQP Ch. 18 - Prob. 10DQP

Indicate the control test deviation, a monetary misstatement or both.

Solution Summary: The author explains the classification of control test deviation, a monetary misstatement, and the importance of audit for each exception.

Concept explainers

Indicate the control test deviation, a monetary misstatement or both.

Indicate transaction related audit objective.

Indicate the importance of audit for each of this exception.

Indicate the follow up procedures used to determine more about the nature of each exception.

Indicate the affect of these exceptions on rest of the audit.

Indicate the internal control that should have prevented each misstatement.

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Chapter 18 Solutions