The purpose of an audit trail is to be able to trace a transaction from its original through source documents to the final output or backwards from the final output to the original source documents to prove the accuracy and validity of Ledger postings. Describe in detail the audit trail for the following manufacturing business: b) Customer returns defective good

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A: Option B is wrong because analytical procedure is the audit procedure that compares the amount of…

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

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A: The auditing will be conducted to find whether there are any errors or mistakes in the financial…

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A: Audit trail is very important in audit it checks the record by checking and verifying the…

Q: .Explain the relation ship between application controls and transaction related audit objectives .…

A:

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A: Business Process Documentation -The process of providing thorough, step-by-step instructions on how…

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A: Assertions: Some of the statements made by the financial statement preparer of a firm include…

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A: Answer: Concept: While accepting and conducting any audit, auditor must do the walk through of the…

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A: Given below control activities are matched with the definition:

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A: Inventory accounts are audited to report on the true and fair state of inventory balances on a…

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A: The primary objective of classifying the data in a risk management process is assign and regulate…

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A: Rush to Solve Judgement Trap Rush to solve judgement trap which are arising many situation in the…

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A: Internal control is a procedure that is aimed to offer reasonable confidence that information is…

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A: Solution: A key internal control over the acquisition cycle is to ensure that the company requires…

Q: Forensic audits include all of the following except Criminal investigations Manufacturers'…

A: Forensic audit helps in evaluating as well as examining the financial records of the firm or…

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A: Assertions: These are the claims made by the management regarding certain financial information and…

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A: Vouching is nothing but verification of journal entries in the books of account by examining the…

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Q: ents to ensure tha d in the sales reve en shipped. This

A: The right answer is option b completeness

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A: When it comes to outsourcing the internal audit of accounts receivable balances, organizations have…

Q: An audit client has engaged a third-party service organization tohost its payroll software package…

A: Given: The engagement of the third-party for hosting the payroll software package.