The G/L and the AR Subledger are linked through the use of a
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1. In the ________ stage of an operational audit, the auditor measures the actual system against an ideal
standard.
internal control
evidence collection
evidence evaluation
testing
2. Which of the following is an effective data entry control to ensure that order date is
less than or equal to the ship date?
A validity check.
A range check.
A limit check.
A reasonableness check.
3. The G/L and the AR Subledger are linked through the use of a
Customer number
Vendor number
Company code
Reconciliation account
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- The audit team is currently debating whether they should be using static or dynamic reports. Which phase are they most likely in? a. Perform the Analysis b. Master the Data c. Share the story d. Ask the QuestionAn audit procedure that involves taking a sample of recorded transactions and obtaining original source documents supporting the recorded transactions is referred to as what? a. vouching b. directional testing c. a walk-through d. tracingThe auditing assesses the reliability and sufficiency of the information through _____________ a. Comparison b. Testing c. Evaluation d. Judgement
- The following are concepts discussedin this chapter:1. Preliminary judgment about 7. Estimated total misstatementmateriality in a segment2. Control risk 8. Planned detection risk3. Risk of fraud 9. Estimate of the combined4. Inherent risk misstatement5. Risk of material misstatements 10. Acceptable audit risk6. Known misstatement 11. Performance materialitya. Identify which items are audit planning decisions requiring professional judgment.b. Identify which items are audit conclusions resulting from application of audit procedures and requiring professional judgment.c. Under what circumstances is it acceptable to change those items in part a. after theaudit is started? Which items can be changed after the audit is 95% completed?Client Control Procedures and Audit Tests of Controls. Exhibit 7.64.1 contains an arrangement of examples of transaction errors (lettered a–g) and a set of client control procedures and devices (numbered 1–15).Required:For each client control procedure numbered 1–15, write a test of controls that could produce evidence on the question of whether the client’s control procedure has been implemented and is in operation.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…
- 1. Please explain how to Evaluate the Data Reliability When Developing Expectations. The data an auditor will use to develop expectations in the acquisition and payment cycle has been deemed reliable by the audit staff. 2. Please Discuss the likely factors the audit team will consider when making this determination.To test the operating effectiveness of a control, an audit team might use a combination ofeach of the following tests except fora. Inquiry of client personnel.b. Observation of company operations.c. Confirmation of balances.d. Inspection of documentationAuditors identify and assess the risk of material misstatement at these two levels Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Financial Statement level and Information Process Goals level b Financial statement level and Operations Process Goals level c Information Process Goals level and Operations process goals level d Financial Statement Level and Relevant Assertion Level
- Evaluating data reliability is a critical part of the audit process. Explain the differences among the following in terms of reliability: Data obtained from original documents versus electronic scans.(Substantive tests and audit evidence) In meeting the third standard of field work, the auditor may perform the following types of substantive tests: (a) tests of details of transac- tions, (b) tests of details of balances, and (c) analytical procedures. Below are kisted specific audit procedures that fall within one of these categories. 1. Compare actual results with budget expectations. 2. Vouch entries in check register to "paid" checks. 3. Recalculate accrued interest payable. 4. Confirm customer balances. 5. Calculate inventory turnover ratios and compare with industry data. 6. Reconcile bank accounts ativear-end. 7. Vouch sales journal entries to sales invoices. 8. Count office supplies on hand at year-end. 9. Examine deeds of ownership for land purchased during year. 10. Obtain representation letter from management. 11. Scan postings to repair expense for evidence of charges that should be capitałized. 12. Ask storeroom supervisor about obsolete items. REQUIRED List the numbers…An auditor would be most likely to assess control risk at the maximum level in an electronic environment with automated system-generated information when:Select one: a. Fixed asset transactions are few in number, but large in dollar amount. b. Payables are based on many transactions and large in dollar amount. c. Accounts receivable records are based on many transactions and are large in dollar amount. d. Sales orders are initiated using predetermined, automated decision rules.