Which of the following is an analytical procedure? a. Analysis of significant ratios and trends b. Physical valuation of inventory c. Confirming the balances of accounts d. Inspection of the documents

Q: what work  will an auditor carry  out  prior  to  the  commencement  of  the inventory count.

A: The audit procedure follows by the auditor for identifying he evidences regarding the accuracy and…

Q: In comparing the current rate and temporal methods of translation, which of the following is true?a.…

A: The reported balance of Inventory , equipment and depreciation will differ under both methods.

Q: An auditor most likely would analyze inventory turnover rates to obtain evidence concerning…

A: Inventory turnover rate is the rate which shows how many times a company has sold and replaced it's…

Q: In the Off-Balance-Sheet Inventory Financing instance, how may auditors have identified the…

A: This question explains about the Off-Balance-Sheet Inventory Financing instance

Q: Why do auditors consider inventory errors pervasive?

A:

Q: Distinguish among tests of details of balances, tests of controls,and substantive tests of…

A: Substantive Testing: It is an audit procedure that helps examine the supporting documents and…

Q: Activities carried out by the auditor using comparisons and relationships of accounts or data to…

A: Auditing: Auditing is the process of examining the financial statements, to give a opinion on the…

Q: Completeness

A: Correct answer :- B Completeness

Q: what are the audit asssertions related to inventory?

A: Audit is the process of checking and examining books of accounts and financial statements so that it…

Q: An audit trail is a step-by-step record by which accounting data can be traced to its source.…

A: Vouching refers to checking the business transactions with their respective source documents.

Q: Explain how the inventory cost flow assumption that was utilized might have an impact on liquidity…

A: Inventory Cost Flow Assumptions refer to the many ways for determining the cost of inventory sold…

Q: A В D REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E= existence…

A: Audit Procedure:- An audit procedure is referred as the procedure which is used by the auditor to…

Q: Before inventory purchases are recorded, the receiving report should be reconciled to what…

A: Inventory refers to the raw materials, work-in process, and the finished goods products that are…

Q: Audit tests include tests of controls and substantive procedures. Substantive procedures can be…

A: Step1   Sufficiency depicts the quantity of audit evidence and Appropriateness is depicts the…

Q: Demonstrate how the inventory cost flow assumption utilized might have an impact on liquidity…

A: Inventory cost flow assumptions refers to the way in which costs are removed from inventory and…

Q: The auditor can evaluate the materiality of a transaction or a balance with the "nature of the item"…

A: Materiality of a transaction or a balance is determined by the extent of its effect on decisions…

Q: a) Audit tests include tests of controls and substantive procedures. Substantive procedures can be…

A: Substantive Audit tests are performed to test the materiality of the elements. These tests are…

Q: A system that traces the detailed transactions relating to any item in an accounting record could be…

A: Audit trails is a process which has the recording of all the trade related, accounting and all othe…

Q: What is the purpose of analytical reviews in the audit of revenue cycle accounts? Please give an…

A: An analytical review is used by auditors to assess the reasonableness of account balances. A CPA…

Q: basic step in auditing unclaimed salaried and wages is to verify disposition of the account…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: How is Inventory audited?

A: Introduction Inventory audit is an analytical procedure that cross checks the financial records with…

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: An audit team would most likely examine the detail support for charges to which of the following…

A: Audit Procedures:  A specific procedure undertaken by an auditor to procure evidence in a particular…

Q: A REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E=existence…

A: Auditing:- An audit is the referred as the physical examination of books of accounts. This can be…

Q: Explain the relationship between tests of the acquisitionand payment cycle and tests of inventory.…

A: The acquisition, as well as payment cycle, has the relationship with the inventory accounts in the…

Q: Identify what oversights inventory turnover ratio can provide to a financial analyst.

A: Lets start with basic understanding. Inventory turnover ratio is efficiency ratio which indicates…

Q: Which of the following statements is associated with analytical procedure test? a. It helps to…

A: Analytical procedures involve comparisons of recorded amounts, or ratios developed from recorded…

Q: An auditor would vouch inventory on the inventory status report to the vendor’s invoice toobtain…

A: Management assertion: Management assertion refers to the claim made by the management ensuring the…

Q: Audit tests include tests of controls and substantive procedures. Substantive procedures can be…

A: Substantive Audit tests are performed to test the materiality of the elements. These tests are…

Q: An auditor reviews aged accounts receivable to assess likelihood of collection to support…

A: The aged account receivable is reviewed by the auditor that assess the posibility in order to…

Q: STATEMENT 1: The broad categories of assertions are the basis of the auditor in develaping specific…

A: Management Assertion: It is the  claims made by members of management  and is used in regard to the…

Q: Which of the following is not an analytical procedure? O a. Determine the nature of the audit O b.…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Analytical procedures are often performed on accounting ratios. Discuss the usefulness of analytical…

A: It is mandatory for the auditor to conduct a risk assessment to identify and assess the risk of data…

Q: In comparing the current rate and temporal methods of translation, which of the following is true?…

A: The reported balance of Inventory, equipment and depreciation will differ under both methods.

Q: How does inventory control deficiencies affect the development of audit procedures for inventories

A: Answer: The audit procedures are to be designed such that the total audit evidences can be…

Q: List two examples of audit evidence the auditor can use in supportof each of the following:a.…

A: Auditing: It is an independent process of inspection, verification, examination of financial…

Q: Some inventory errors are said to be “self-correcting,” in that the error has the opposite financial…

A: Errors: Despite best efforts, occasionally an error is made on the financial statement. Most often,…

Q: Refer to Exhibit 6.5 to identify the nine types of audit procedures used as part of the audit…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS    Procedure Type of procedure Assertion Tested…

Q: What can be the effect of inventory errors on the financial reports? How can these errors be…

A: Inventory is the detailed list of items that are present on hand. It constitute of all the finished…

Q: Please see attached screenshot. Thank you!!!!

A: Definition:   Audit procedures: Audit procedures are the process of evaluating the quality of the…

Q: Which of the following documents associated with the purchases and cash disbursements cycle is most…

A: Answer:-  Journal entry meaning:- A journal entry is the act of recording or keeping track of any…