Identify five general ledger accounts that are likely to be affectedby the payroll and personnel cycle in most audits
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Identify five general ledger accounts that are likely to be affected
by the payroll and personnel cycle in most audits
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- An auditor will most likely review an entity’s periodic accounting for the numerical sequence of shipping documents to ensure all documents are included to support management’s assertion about classes of transactions of: Select one: a. occurrence. b. completeness c. classification. d. accuracyAn audit trail enables a person to trace a source document to its ultimate effect on the financial statements or work back from amounts in the financial statements to source documents. Describe in detail the audit trail for the following: a. Purchases of inventoryb. Sales of inventoryc. Employee payrollDescribe FOUR internal control procedures an auditor would expect the company to put in place in respect of inventories
- Identify the eight accounts receivable balance-related audit objectives. For each objective, list one audit procedurei) Describe SIX (6) audit risks, and explain the auditor’s response to eachrisk, in planning the audit of Steel Wheel Bhd. ii)Explain the additional factors that the auditor should consider duringthe audit in relation to Steel Wheel Bhd’s in using the payroll serviceorganisation.Below are five audit procedures, all of which are tests of transactions associated with the audit of the acquisition and payment cycle. Also below are the six general transaction-related audit objectives and the five management assertions. For each audit procedure, indicate (1) its audit objective, and (2) the management assertion being tested. Audit Objectives: A. Occurrence B. Completeness C. Accuracy D. Posting and Summarization E. Classification F. Timing Management Assertions: V. Occurrence W. Completeness X. Accuracy Y. Classification Z. Cutoff Audit Procedures 1. Foot the purchases journal and trace the totals to the related general ledger accounts. __________________ ______________________ 2. Recompute the cash discounts taken by the client. _____________________ _________________________ 3. Compare dates on cancelled checks with the bank cancellation date. _________________ __________________________ 4. Trace from a sample of cancelled checks to the…
- When auditing the accounts receivable account on the balance sheet, an auditor’s proceduresmost likely would focus primarily on management’s assertion ofAn audit strategy sets the direction, timing, and scope of an audit. Based on your audit knowledge, which of the following would be included in the audit strategy document? Select one:a. A flowchart of the entity's internal control system.b. The decision as to the combination of substantive testing and tests of control that would be adopted.c. The number of sales transactions to be tested.d. The results of the interim testing of payroll.The following are specific balance-related audit objectives applied to the audit of accounts receivable (a. through i.) and management assertions about account balances (1 through 6). The list referred to in the specific balance-related audit objectives is the list of the accounts receivable from each customer at the balance sheet date. i (Click the icon to view the audit objectives.) i (Click the icon to view the management assertions.) Requirement For each specific balance-related audit objective, identify the appropriate management assertion. (Hint: See table.) Specific balance-related audit objective There are no unrecorded receivables. b. Uncollectible accounts have been provided for. C. Receivables that have become uncollectible have been written off. d. All accounts on the list are expected to be collected within 1 year. The total of the amounts on the accounts receivable listing agrees with the general ledger balance for accounts receivable. a. e. Management assertion
- Which of the following is an example of "other information" that could be used by an auditor as evidential matter supporting the financial statements? Worksheets supporting cost allocations. Accounting manuals. Special journals. Confirmation of accounts receivable.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.An auditor will most likely review an entity’s periodic accounting for the numericalsequence of shipping documents to ensure all documents are included to supportmanagement’s assertion about classes of transactions of(1) occurrence. (3) accuracy.(2) completeness. (4) classification