When testing the existence assertion, the auditor will take the vouching direction when examining documents. * True False

Q: Distinguish between errors and irregularities. Which do you think concern auditors the most?

A:

Q: a) Discuss the procedures to be followed by you at the time of examining the evidences? b) How can…

A: Audit inquiry: An auditor questions management about specific business transactions or occurrences…

Q: All the supporting documents such as PO, vendor's invoice are attached to the voucher" is one of the…

A: True, All the supporting documents such as PO, vendor's invoice are attached to the voucher" is one…

Q: Explain why auditors obtain writtenrepresentations and identify thekey components of…

A: Written Representations: The document that assures particular matters and serves as supporting…

Q: Explain the difference between an attribute and an exceptioncondition. State the exception condition…

A: Introduction: Auditing: The process through which the financial information reported in the…

Q: Understand auditors’ responsibility forsubsequent events and subsequentlydiscovered facts

A: Subsequent Event: A subsequent event is an event or transaction that occurs after the date of the…

Q: Which of the following statements correctly defines the term reasonable assurance? A. A substantial…

A: The objective of the auditor is to obtain high level or assurance.

Q: How can auditors ensure they are receiving authentic documentation, not forgeries?

A:

Q: An audit trail is a step-by-step record by which accounting data can be traced to its source.…

A: Vouching refers to checking the business transactions with their respective source documents.

Q: It's not clear why pre-numbering the reports received is essential. How may an auditor verify a…

A: Dialogue Systems are used in natural language processing to do the following: Dialogue systems are…

Q: Discuss how the process of collecting audit evidence in a CBIS is fundamentally different from the…

A: Evidence gathered during the audit: Audit evidence is documentation in the form of receipts,…

Q: Discuss how the process of getting IT audit evidence differs fundamentally from the method of…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoices andother documents…

Q: A system that traces the detailed transactions relating to any item in an accounting record could be…

A: Audit trails is a process which has the recording of all the trade related, accounting and all othe…

Q: Identify situations in which auditors addexplanatory language to an unmodifiedopinion.

A: Unmodified opinion is where an auditor expresses an opinion that financial statements are presented,…

Q: When inspecting records and documents as a sort of evidence, make a distinction between vouching and…

A: Introduction: Documentary proof or vouchers, such as invoices, debit and credit notes, statements,…

Q: n a situation that uses inspection of records and documents as a type of evidence, distinguish…

A: Vouching refers to the process of verifying entries recorded in the financial books of a company or…

Q: Which of the following is most correct with respect to the use of analytical procedures? *…

A: As per the SA 520 Analytical Procedures means evaluation of financial information through analysis…

Q: The most reliable types of audit evidence the auditor can obtain are: a. Physical examination by…

A: Audit evidence: It can be defined as the information collected or obtained by an auditor during the…

Q: The prospective auditor can contact the predecessor auditor without the client approval. True O…

A: Auditor:- He is a person who is appointed to conduct a fair audit for the company and serve true and…

Q: Audit testing relates to the completeness and occurrence assertions. Discuss the testing activities…

A: Audit testing relates to the completeness and occurrence assertions where as vouching is used for…

Q: 1 What sources of information can auditors use in connection with deciding whether to accept a…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: Why is it desirable to design tests of details of balances beforeperforming tests of controls and…

A: It is desirable to design tests of details of balances before performing tests of controls and…

Q: Which of the following statements is FALSE? A. Irregularities are intentional misrepresentations…

A: A. An accounting irregularity is an entry or statement that does not conform to the normal laws,…

Q: What information would you expect to find in a current audit file?

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: Characteristics that affect the reliability of evidence include: a. Form of the evidence obtained b.…

A: Reliability of evidence is the degree to which one can believe blindly on the evidence, that is, the…

Q: The auditing assesses the reliability and sufficiency of the information through _____________ a.…

A: The auditing assesses the reliability and sufficiency of the information through _____________ .

Q: audit evidence

A: Dear Student,  Indian Standard on auditing 500 deals with " Audit Evidence" .   as per this standard…

Q: ditors to have a basic knowledge of various bsuin

A: An internal auditor is an employee of the company, whose work is to check the financial records of…

Q: Why should receiving reports be prenumbered? What assertion would an auditor test using thereceiving…

A:

Q: internal audit function acts as a higher level of control to determine that the internal control…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: Auditors use evidence to help them draw conclusions Select one: True False

A: Auditing is a process in which a detailed examination of accounting records is carried out by the…

Q: Is it OK to give the client copies of the auditor's previous documents? If so, what should the…

A: Independent review of accounting and financial records is referred to as auditing. The purpose of…

Q: Which of the following statements is correct about the reliability of audit evidence? a.…

A: Audit evidence means evidence or supportings that is obtained by auditor during the course of audit.…

Q: The following are procedures to obtain audit evidence except: a. Physical examination. b.…

A: Audit is the process of checking and examining books of accounts and financial information in order…

Q: state whether each of the following terms is correct or incorrect and correct the false one:…

A: An audit is a thorough scrutiny of the books of accounts and related documents of an entity.

Q: Explain what lapping means, and discuss the internal control deficiency that allows it to occur.…

A: Lapping: When cash is received from a debtor, the employee enters the transaction into the company's…

Q: Distinguish between internal documentation and external documentation as types of audit evidence.…

A: Internal documentation:   An internal documentation is prepared within an organization of the client…

Q: I Discuss the meaning of sufficient approprate audit evidence 2 Describe the sources of audir

A: Hi Student Since there are multiple questions, we will answer only first question. If you want…

Q: Audit procedures are takes performed by the internal auditors and the auditee to gather the evidence…

A: The given statement has some typing errors. The correct question is: Audit procedures are specific…

Q: What audit procedures are most likely to be used to verify accountsreceivable written off as…

A: Audit procedure:   Audit procedures are the processes, techniques, and methods that auditors perform…

Q: Discuss how the process of obtaining IT audit evidence is inherently different thanit is in a manual…

A:

Q: when the auditor want to assure that There are no unrecorded receivables. What assertion he or she…

A: Answer  Completeness means All transactions are recorded and all related disclosures are included in…

Q: The most commonly used form of audit evidence is: a. Oral representation b. Written documents c.…

A: Audit evidence the supporting or all the information or sources that is used by the auditors in the…

Q: Which of the following is not a technique of collecting audit evidence? a. Analytical procedures. b.…

A: Audit Evidence It is the information collected by an auditor in order to make sure  the accuracy and…

Q: How the relevancy deals in the information to be used as an Audit Evidence? O a. Audit evidence in…

A: Audit is the inspections of the accounting books of the firm every year which is done by the…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.