What tools do auditors use to verify the ending balances in the various accounts in the acquisition and payments cycle? Please provide reference(s).

Q: Describe the Subsequent Valuation of Accounts Receivable.

A: Accounts receivable    It refers to the amount for which the services and goods have been delivered…

Q: Please show the different debits and credits to an investment account under the equity method of…

A: Equity method: Equity method is the method used for accounting equity investments which claim a…

Q: Which internal control objective is concerned with ensuring that accumulated totals in the…

A: Internal controls are the procedures that are implemented to ensure operational efficiency and…

Q: If you are going to audit the cash receipts cycle, what are the things you need to prepare?

A: Cash receipts cycle in the business means process or procedure which is being followed for receiving…

Q: Can you explain how the internal control of Documentation Procedure is violated in this question?…

A: The controls that are implemented to ensure the accountability and the integrity of the financial…

Q: Where can an auditor find a client’s documentation of the accounting system?

A: Internal Control: Internal control is a mechanism or procedure that the company implements so that…

Q: Explain why an auditor compares the “date of deposit accordingto the books” to the “date of…

A: Typically, the phrase audit applies to an audit of the financial statement. A financial audit…

Q: Explain the impact of the collection of these receivables on the Financial Statements.

A: Introduction:- Financial statement gives clear picture of financial position of the company.…

Q: Describe a note receivable, the computation of its maturity date, and the recording of its…

A: The cumulative sums owed to a client for products or services sold are trade receivables that are…

Q: For each procedure, indicate the primary audit objective being satisfied: Trace entries from cash…

A: The primary objective of an audit is to check and confirm that all financial information is…

Q: What are the steps taken to ensure control over purchases and payments by check?

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

Q: Explain audit for payroll

A: Transaction in statement  of profit and loss is been audited by performing substantive analytical…

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: What is the process of confirming accounts receivable balances. Why is it important for auditors to…

A: The main objective of the auditor is to provide an opinion on the financial statement audited. The…

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: How is Accounts Payable audited?

A: Accounts payable:   Accounts payable refers to the money payable by the company to outside entities…

Q: What steps of independent verification does the general ledger department perform?

A: The general ledger of an organisation is maintained by the general ledger department. The recording…

Q: What steps are followed in posting from the cash payments journal to the general ledger?

A: Cash payments journal:   Cash payments journal refers to the journal that is used to record the all…

Q: Accounting Question

A: Depreciation as per stright line method = (cost - salvage value)/life = ($330000 -$15000)/9 =…

Q: Do you believe the accuracy of the prepaid accounting balance can be determined by examining, the…

A: To determine the accuracy of the prepaid accounting balance, one needs to examine various factors…

Q: Distinguish between accuracy tests of gross accounts receivableand tests of the realizable value of…

A: Accounts Receivables, as the name itself suggests are accounts indicating amounts to be received…

Q: Describe the revenue and collection cycle,including typical source documents.

A: Introduction: Income statement: Income statement is the financial statement of the company that is…

Q: Discuss, using practical example the effect of prepayment figures on the preparation of a  financial…

A: Note: As per the policy we are supposed to solve one question at a time, Kindly repost the further…

Q: What is the role of a sales invoice in the revenue recognition process?

A: The revenue recognition process is a systematic and structured set of regulations, instructions, and…

Q: Explain how management assertions, general balance-relatedaudit objectives, and specific…

A: Management assertions are implied representations by management about classes, of transactions and…

Q: Which type of revenue activity is correctly matched with the revenue recognition method?

A: The question is related with the revenue activity is correctly matched with the revenue recognition…

Q: audit of receivables

A: Receivable means amount of dues from customers to the entity.

Q: What are the main definitions of credit facilitation, billing and invoicing, remittance processing,…

A: Credit facilitation-Credit facilitator refers to a person in the CFP Online System who is designated…

Q: Explain the relationship between the matching principle andthe need to estimate uncollectible…

A: The matching principle usually states that for every income there should be a corresponding expense…

Q: Briefly describe how mean-per-unit estimation, ratio estimation, and difference estimation areused…

A: Classical Variable Sampling: Classical variable sampling uses each individual item in the…

Q: An auditor verify entries in the An example of acquisitions journal by examining supporting vendors…

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

Q: How to determine the adjusted balance of Accounts Receivable by usind the analysis of receivables…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.