Which of the following communications is most likely to be written before the balance-sheetdate?a. A report to the audit committee on the results of testing of internal control over cash receipts.b. Confirmation letters to vendors confirming the amounts they owe to the client.c. An attorney’s letter regarding contingent liabilities.d. An engagement letter.

Q: When auditing the revenue and collection cycle, auditors normally select balances to confirm from…

A: Revenue and collection cycle: The revenue cycle records all the transactions that originate from…

Q: The explanation of the differences between the cash account balance according to the company’s book…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Which audit claims will be met by the audit method of cash count and bank verification requests

A: introduction: If the management's financial statements have any inaccuracies or frauds, the only…

Q: Which of the following is not an objective of the cash audit? determine that a. A long-term…

A: Objectives of Cash Audit One of the objectives for a cash audit is to verify that the recorded cash…

Q: During an audit of a company’s cash balance on a company with operations in only onecountry, the…

A: Answer:   Option a

Q: ich of the following procedures would an auditor most likely perform to test trols relating to…

A: The given scenario relates with cash receipts. To check the authenticity of the transaction the…

Q: Which of the following audit procedures is a dual-purpose test, which tests the effectiveness of…

A: A dual-purpose test is an audit method that serves as a control and substantive test at the same…

Q: Preparing the bank recociliation is consifered to be an important step in interna; control process…

A: Bank reconciliation refers to the process of reconciling the balances of the accounting records of…

Q: Which of the following provides the highest-quality evidence regarding the Valuation of recorded…

A: Performing the Analytical procedures provides the highest-quality evidence regarding the Valuation…

Q: Which of the following is the best audit procedure for the detection of lapping?   a. Comparison of…

A: Lapping means deliberately misappropriation of the funds by the employee of the organization.  When…

Q: Attached is an audit working paper prepared by a new staff auditor based on his testing of a…

A: Auditor while performing his duties for conducting an audit prepares some documents, file work and…

Q: ifferences between the amount of cash reported on a company’s bank statement and the balance in the…

A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or…

Q: Discuss audit procedures for the audit of accounts receivable. How does this apply to your chosen…

A: Audit procedures: Audit procedures are the process of evaluating the quality of the financial…

Q: Which of the following is a preventive control?a. Reconciliation of a bank account.b. Recalculation…

A: Definition: Prevention control: Prevention control is an activity undertaken to avoid or prevent the…

Q: choose the internal sources of audit evidence. a.

A: Audit evidence: The audit evidence is the evidence gathered by the auditor to express an opinion on…

Q: Which of the following control activities would best protect against the preparation ofimproper or…

A: Cash Budget: This budget gives an estimation of all the cash inflows and outflows of a business for…

Q: please define Inspection of documents and records Physical verification of liquid money Observation…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: After preparing a bank reconciliation, what adjustments does the company need to make to its…

A:

Q: List the transaction-related audit objectives for the verificationof cash receipts. For each…

A: Audit objectives for verification of cash receipts are- Recorded sales Database management…

Q: Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: paring the bank reconciliation. 2. Examine vendors’ invoices and other s

A: The auditors verify the fairness of financial statements by collecting audit evidence by following…

Q: Which of the following substantive audit procedures is most likely to be performed by the auditor to…

A: Substantive audit procedures refer to audit processes performed by the auditor to detect material…

Q: Bank statements provide information about all of the following, except Checks cleared during the…

A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or…

Q: Which of the following procedures would provide the most reliable audit evidence?a. Inquiries of the…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoice and other documents…

Q: Based on the above and result of your audit, determine the following: Cash receipts per bank in May

A: Bank reconciliation is the statement in which the company matches its cash balance as per cash book…

Q: Auditors ordinarily ascertain whether payroll checks are properly endorsed during the auditofa.…

A: Payroll: Payroll refers to the list of employees in a company and the amount paid to them in the…

Q: What is the importance of cash discounts to the client and howcan the auditor verify whether they…

A: The company needs to take measures that increase the profit of the product. Cash discount is one of…

Q: On receiving the bank cutoff statement, the auditor should trace:   a. Deposits in transit on the…

A: Explanation  On receiving a client's bank cutoff statement, an auditor most likely would trace (b)…

Q: Explain why each of the following combinations of tasks should or should no be separated to achieve…

A: Solution:- a)Approval of bad debt write-offs and the reconciliation of the AR subsidiary ledger and…

Q: Which of the following control objectives would be least likely be considered by the internal…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: A journal entry would need to be made for which of the following adjustments on a…

A: Bank reconciliation statement: A bank reconciliation statement (BRS) is a statement which is used to…

Q: List several audit procedures that the auditor can use to determinewhether all cash received was…

A: Audit procedures are utilized by examiners to decide the nature of the money related data being…

Q: In preparing for the audit of cash, the auditors perform analytical procedures concerning cash…

A:

Q: GIven the situation that you are an auditor of GZ Company and you were asked to provide the…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The following are useful source of evidence with regard the reasonableness of the client’s…

A: Collectbiliy of account receivables: Non-collectible or uncollected account receivables are called…

Q: Which of the following control objectives would be least likely be considered by the internal…

A: from the following given above options: OPTION(4)  would be likely considered by the internal…

Q: financial statement assertion

A: Financial statement assertion is the claim like statement made by management regarding the…

Q: A common audit procedure to verify the existence assertion of cash account balances is: a.…

A: Existence assertion is the assertion that the assets and the liabilities which is appearing the…

Q: amount of cash is accurately recorded on the financial statements. All of the following are…

A: an audit, independent examination of the financial statement of an entity. there are mainly three…

Q: The accounting clerk pays all obligations by pre numbered checks. What are the strengths and…

A: It was must obligatory  in the internal control over by the cash payments which are taken care by…

Q: What audit procedures would you use to determine that the cash balances actually exist at the…

A: Audit Procedure: In the context of financial statements, audit procedures are the steps taken by…

Q: Which of the following adjusts the company’s balance of cash in a bank reconciliation? a. Interest…

A: The statement of Bank reconciliation is a report that matches the money balance on an organization's…

Q: If the cash balance shown on the entity is accounting records is less than the correct each balance…

A: Answer

Q: In testing controls over cash disbursements, an auditor most likely would determine that the person…

A: The question is related to Auditingbof Cash disbursement.

Q: As part of a strong internal control system, which of the following accounting duties needsto be…

A: Internal control system: It can be defined as a structure consisting of the procedures, rules, and…

Q: Which of the following would the auditor consider to be an incompatible operation if the cashier…

A: An auditor seems to be an individual who checks the authenticity of commercial transactions that…

Q: Which of the following procedures is least likely to be performed before the balance-sheet date?a.…

A: Balance-sheet represents the financial position of the organization related to a specific period in…

Q: Which type of evidence is considered more reliable a accounts receivable confirmation O minutes from…

A: Auditors are to verify the accounts of the company and validity of all financial statements.

Q: Which of the following tasks should the cash disbursement clerk NOT perform?a. review the supporting…

A: Cash disbursement: It can be defined as an outflow of cash that is made in exchange for the goods…