AUDITING+ASSURANCE SERVICE(LL) W/ ACCES
17th Edition
ISBN: 9780135635193
Author: Elder
Publisher: PEARSON
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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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Students have asked these similar questions
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
Chapter 24 Solutions
AUDITING+ASSURANCE SERVICE(LL) W/ ACCES
Ch. 24 - Prob. 1RQCh. 24 - Explain why an auditor is interested in a clients...Ch. 24 - Prob. 3RQCh. 24 - Prob. 4RQCh. 24 - Prob. 5RQCh. 24 - Prob. 6RQCh. 24 - Prob. 7RQCh. 24 - Prob. 8RQCh. 24 - What major considerations should the auditor take...Ch. 24 - Identify five audit procedures normally done as a...
Ch. 24 - Prob. 11RQCh. 24 - Prob. 12RQCh. 24 - Prob. 13RQCh. 24 - Prob. 14RQCh. 24 - Prob. 15RQCh. 24 - Prob. 16RQCh. 24 - Prob. 17RQCh. 24 - Prob. 18RQCh. 24 - Prob. 19RQCh. 24 - Prob. 20.1MCQCh. 24 - Prob. 20.2MCQCh. 24 - Prob. 20.3MCQCh. 24 - Prob. 21.1MCQCh. 24 - Prob. 21.2MCQCh. 24 - Prob. 21.3MCQCh. 24 - Prob. 22.1MCQCh. 24 - Prob. 22.2MCQCh. 24 - Prob. 22.3MCQCh. 24 - Prob. 23.1MCQCh. 24 - Prob. 23.2MCQCh. 24 - Prob. 23.3MCQCh. 24 - Prob. 24DQPCh. 24 - Prob. 25DQPCh. 24 - Prob. 26DQPCh. 24 - Prob. 28DQPCh. 24 - Prob. 29DQPCh. 24 - Prob. 32DQPCh. 24 - Prob. 33DQP
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