Evaluating data reliability is a critical part of the audit process. Explain the differences among the following in terms of reliability: Data from internal versus external sources. Written data versus verbal conversation records. Data obtained from direct versus indirect methods. Data obtained from original documents versus electronic scans.

When auditing accounts receivables, auditors are usually especially concerned about the:   a. Completeness and cut-off objectives. b. Existence and completeness objectives. c. Existence, realisable-value and accuracy objectives. d. Posting and summarisation objective.

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.  Procedure (a) Type of Test (b) Audit Objective Example: Compare the quantity and description of items on duplicate sales invoices with related shipping documents. STOT Accuracy 1.Foot the list of accounts payable and trace the balance to the general ledger.           2. Account for the sequence of purchase orders             3. Select a sample of purchase transactions from purchase journal and trace them to vendors’ invoices and statements       4. Exam cash payments subsequent to the balance date to see if they are related to unrecorded…

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