In determining whether transactions were really exist, the direction of the audit testing should be from the A. Financial Statements B. Original Source Documents C.General Ledger Balances. D.General Journal Entries
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- In determining whether transactions have been recorded, the direction of the audit testing should be from the: A. General ledger balances B. Adjusted trial balance C. Original source documents D. General journal entriesWhen auditing the accounts receivable account on the balance sheet, an auditor’s procedures most likely would focus primarily on management’s assertion ofa. Existence.b. Completeness.c. Presentation and disclosure.d. Rights and obligations.Choose the documents which should be included in the audit documentation a. Summaries of significant matter O b. Issue memoranda O c. Audit program O d. All the options
- The auditor's assessment of the reliability and sufficiency of the information contained in the underlying accounting records is a part of ______________ a. Audit Test b. Comparison c. Evaluation d. JudgementIn the audit of accounts receivable, the most important emphasis should be on thea. Completeness assertion.b. Existence assertion.c. Rights and obligations assertion.d. Presentation and disclosure assertionThe final outcome of an audit process is a/an _______________ a. Audit report b. Profit or loss c. Balance sheet d. Income and expense
- When auditing the accounts receivable account on the balance sheet, an auditor’s procedures most likely would focus primarily on management’s assertion of Select one: a. Presentation and disclosure b. Existence c. Rights and obligations d. Completeness.The auditor should summarize the overall audit strategy that contains the key decisions about the scope, timing, and conduct of a. Audit plan O b. Note. C ..Review working papers d. Audit memo bookWhere the auditor should summarize the overall audit strategy that contains the key decisions about the scope, timing and conduct of the audit a. Audit plan b. Memorandum c. Audit working papers d. Audit Note book
- In auditing the accrued liabilities account on the Balance Sheet, an auditor’s procedures most likely would focus primarily on management’s assertion ofa. Existence or occurrence.b. Completeness.c. Presentation and disclosure.d. Valuation or allocation.For each of the descriptions 1-6, match the correct word or phrase from A-H.A. Inspections of tangible assetsB. ConfirmationC. TracingD. VouchingE. InquiryF. External-internal evidenceG. Audit planH. Substantive procedures___ 1. Documentation prepared by independent parties and sent to the client.___ 2. Proceeding forward through the accounting and control system from the evidence to the financial statements.___ 3. Audit of details of transactions and balances.___ 4. Audit procedure that provides compelling evidence of existence.___ 5. Direct correspondence with independent parties.___ 6. A list of audit procedures.When auditing the accounts payable balance on the balance sheet, an auditor’s procedures most likely would focus primarily on management’s assertion of Select one: a. Rights and obligations b. Completeness. c. Existence d. Presentation and disclosure