List and explain the transaction-related and balance related presentation audit objectives. Also, discuss that how many of the procedures to test presentation objectives are integrated with tests performed in earlier stages of the audit.

Question

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Answer 1

Question

Chapter 24, Problem 1RQ

To determine

List and explain the transaction-related and balance related presentation audit objectives. Also, discuss that how many of the procedures to test presentation objectives are integrated with tests performed in earlier stages of the audit.

Expert Solution & Answer

Explanation of Solution

The transaction-related and balance related presentation audit objectives are as mentioned below:

Existence: In this audit objective, auditor verifies that whether the transaction exists or not.
Completeness: In this audit objective, auditor verifies that the existing transactions are recorded or not.
Accuracy: In this audit objective, auditor verifies that the existing transactions are recorded at the correct amount or not.
Classification: In this audit objective, an auditor verifies that the recorded transactions which are included in the journal of clients are properly classified or not.

Therefore, the all mentioned audit objectives are integrated with the tests performed in earlier stages of the audit.

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Listed in the table below are some common audit procedures. For each procedure below: Identify whether it is a test of control (TOC), substantive test of transaction (STOT), analytical procedure (AP) or a test of details of balances (TODOB). Write your answer in the 2nd column of the table below. State one audit objective that is being satisfied. Write your answer in the 3rd column of the table below.

An audit plan is : a. The blueprint for conducting the audit and accomplishing the audit objectives. b. The flowchart for conducting the audit and accomplishing the audit objectives. c. The footprint for conducting the audit and accomplishing the audit objectives. d. The gannchart for conducting the audit and accomplishing the audit objectives.

Discuss the concepts of independence and objectivity and relate them to the external audit process. This is an auditing assignment. Thanks

Answer 2

Question

Chapter 24, Problem 1RQ

To determine

List and explain the transaction-related and balance related presentation audit objectives. Also, discuss that how many of the procedures to test presentation objectives are integrated with tests performed in earlier stages of the audit.

Expert Solution & Answer

Explanation of Solution

The transaction-related and balance related presentation audit objectives are as mentioned below:

Existence: In this audit objective, auditor verifies that whether the transaction exists or not.
Completeness: In this audit objective, auditor verifies that the existing transactions are recorded or not.
Accuracy: In this audit objective, auditor verifies that the existing transactions are recorded at the correct amount or not.
Classification: In this audit objective, an auditor verifies that the recorded transactions which are included in the journal of clients are properly classified or not.

Therefore, the all mentioned audit objectives are integrated with the tests performed in earlier stages of the audit.

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Answer 3

Question

Chapter 24, Problem 1RQ

To determine

List and explain the transaction-related and balance related presentation audit objectives. Also, discuss that how many of the procedures to test presentation objectives are integrated with tests performed in earlier stages of the audit.

Expert Solution & Answer

Explanation of Solution

The transaction-related and balance related presentation audit objectives are as mentioned below:

Existence: In this audit objective, auditor verifies that whether the transaction exists or not.
Completeness: In this audit objective, auditor verifies that the existing transactions are recorded or not.
Accuracy: In this audit objective, auditor verifies that the existing transactions are recorded at the correct amount or not.
Classification: In this audit objective, an auditor verifies that the recorded transactions which are included in the journal of clients are properly classified or not.

Therefore, the all mentioned audit objectives are integrated with the tests performed in earlier stages of the audit.

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Answer 4

Question

Chapter 24, Problem 1RQ

To determine

List and explain the transaction-related and balance related presentation audit objectives. Also, discuss that how many of the procedures to test presentation objectives are integrated with tests performed in earlier stages of the audit.

Expert Solution & Answer

Explanation of Solution

The transaction-related and balance related presentation audit objectives are as mentioned below:

Existence: In this audit objective, auditor verifies that whether the transaction exists or not.
Completeness: In this audit objective, auditor verifies that the existing transactions are recorded or not.
Accuracy: In this audit objective, auditor verifies that the existing transactions are recorded at the correct amount or not.
Classification: In this audit objective, an auditor verifies that the recorded transactions which are included in the journal of clients are properly classified or not.

Therefore, the all mentioned audit objectives are integrated with the tests performed in earlier stages of the audit.

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Answer 5

Chapter 24, Problem 1RQ

To determine

List and explain the transaction-related and balance related presentation audit objectives. Also, discuss that how many of the procedures to test presentation objectives are integrated with tests performed in earlier stages of the audit.

Expert Solution & Answer

Explanation of Solution

The transaction-related and balance related presentation audit objectives are as mentioned below:

Existence: In this audit objective, auditor verifies that whether the transaction exists or not.
Completeness: In this audit objective, auditor verifies that the existing transactions are recorded or not.
Accuracy: In this audit objective, auditor verifies that the existing transactions are recorded at the correct amount or not.
Classification: In this audit objective, an auditor verifies that the recorded transactions which are included in the journal of clients are properly classified or not.

Therefore, the all mentioned audit objectives are integrated with the tests performed in earlier stages of the audit.

Answer 6

Chapter 24, Problem 1RQ

To determine

List and explain the transaction-related and balance related presentation audit objectives. Also, discuss that how many of the procedures to test presentation objectives are integrated with tests performed in earlier stages of the audit.

Expert Solution & Answer

Explanation of Solution

The transaction-related and balance related presentation audit objectives are as mentioned below:

Existence: In this audit objective, auditor verifies that whether the transaction exists or not.
Completeness: In this audit objective, auditor verifies that the existing transactions are recorded or not.
Accuracy: In this audit objective, auditor verifies that the existing transactions are recorded at the correct amount or not.
Classification: In this audit objective, an auditor verifies that the recorded transactions which are included in the journal of clients are properly classified or not.

Therefore, the all mentioned audit objectives are integrated with the tests performed in earlier stages of the audit.

Answer 7

Chapter 24, Problem 1RQ

To determine

List and explain the transaction-related and balance related presentation audit objectives. Also, discuss that how many of the procedures to test presentation objectives are integrated with tests performed in earlier stages of the audit.

Answer 8

Expert Solution & Answer

Explanation of Solution

The transaction-related and balance related presentation audit objectives are as mentioned below:

Existence: In this audit objective, auditor verifies that whether the transaction exists or not.
Completeness: In this audit objective, auditor verifies that the existing transactions are recorded or not.
Accuracy: In this audit objective, auditor verifies that the existing transactions are recorded at the correct amount or not.
Classification: In this audit objective, an auditor verifies that the recorded transactions which are included in the journal of clients are properly classified or not.

Therefore, the all mentioned audit objectives are integrated with the tests performed in earlier stages of the audit.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 24 - Prob. 1RQ Ch. 24 - Explain why an auditor is interested in a clients...Ch. 24 - Prob. 3RQ Ch. 24 - Prob. 4RQ Ch. 24 - Prob. 5RQ Ch. 24 - Prob. 6RQ Ch. 24 - Prob. 7RQ Ch. 24 - Prob. 8RQ Ch. 24 - What major considerations should the auditor take...Ch. 24 - Identify five audit procedures normally done as a...

List and explain the transaction-related and balance related presentation audit objectives. Also, discuss that how many of the procedures to test presentation objectives are integrated with tests performed in earlier stages of the audit.

List and explain the transaction-related and balance related presentation audit objectives. Also, discuss that how many of the procedures to test presentation objectives are integrated with tests performed in earlier stages of the audit.

Explanation of Solution

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