Which of the following audit objectives ensure that if accounts receivable is pledged as security for debt, such information should be revealed in the financial statements? a. Ownership b. Disclosure c. Occurrence d. Rights and obligations

Which of the following audit objectives ensure that if accounts receivable is pledged as security for debt, such information should be revealed in the financial statements? a. Ownership b. Disclosure c. Occurrence d. Rights and obligations

Business/Professional Ethics Directors/Executives/Acct

8th Edition

ISBN:9781337485913

Author:BROOKS

Publisher:BROOKS

Chapter5: Corporate Ethical Governance & Accountabililty

Section: Chapter Questions

Problem 18.6EC

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Concept explainers

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.

Question

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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Audit procedures for items of Financial Statement

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