Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
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
Explain the Diagram provided below base on your understanding of the concepts of Auditing.
Describe role and objectives of audit planning.
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.
Chapter 24 Solutions
Auditing And Assurance Services
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
Knowledge Booster
Similar questions
- In which stage of audit the audit program will be created ? a. Fieldwork b. Reporting c. Planning d. Followuparrow_forwardDefine audit risk and describe how it can be broken down into the three separate components of the audit risk model to help assess and respond to such risks during the audit planning process.arrow_forwardDefine and explain the following. Provide two references A: Audit data analytics B: Audit data analytics procedures.arrow_forward
- 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 optionsarrow_forwardList three reasons management may ask for an operational audit to be performed, and explain how the audit program would be impacted by each of them.arrow_forward
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