Which of the following procedures would provide the most reliable audit evidence?a. Inquiries of the client’s internal audit staff.b. Inspection of prenumbered client purchase orders filed in the vouchers payable department.c. Inspection of vendor sales invoices received from client personnel.d. Inspection of bank statements obtained directly from the client’s financial institution.

Q: The main objective of an audit is а. Maintaining books of accounts properly b. Presentation of true…

A: Audit is the process of checking, verifying and examining books of account and financial information…

Q: Bank confirmations are critical to the cash audit. What information does the auditor obtain by…

A: Answer:-  Cash audit:- A specific kind of accounting audit called a "cash audit" focuses on cash…

Q: Expalin wether the tools used in the financial statement audit are employed in a fraud examination.

A: The tools used in a financial statement audit and a fraud examination share some similarities but…

Q: Of the following types of audit evidence, which is themost persuasive?Select one:   a. Prenumbered…

A: In an audit, evidence is collected to support the auditor's conclusion and opinion on the financial…

Q: Bonita Company produces small gasoline-powered engines for model airplanes. Mr. Lewis, Bonita’s CFO,…

A: SOLUTION- COST OF GOODS MANUFACTURED SCHEDULE- IT IS USED TO COMPUTE THE COST OF PRODUCING  PRODUCT…

Q: Bank confirmations are critical to the cash audit. What information does the auditor obtain by…

A: Cash audit:- A specific kind of accounting audit called a "cash audit" focuses on cash transactions…

Q: hoose the one correct answer. Which of the following audit approaches is most likely to provide an…

A: Solution : Which of the following audit approaches is most likely to provide an auditor the most…

Q: When planning to perform an audit, an accountant must have a clear understanding of audit risk and…

A: Audit risk It is the risk that financial statements are materially incorrect, even though financial…

Q: To do an audit of a company's financial statements, there must be several key elements and…

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

Q: Internal auditors are responsible for:   A) Issuing a certification report on the internal…

A: Internal Control: The process by which an organization develops the rules and regulations for the…

Q: Determine what are some of the risk assessment procedures to be made in order for the auditor to…

A: Auditing is the process of supervision made by the external person or internal employee in the…

Q: Which of the following audit procedures is a dual-purpose test, which tests the effectiveness of…

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

Q: In order to make sure that loans are properly classified, the auditor would:   a. Examine due…

A: Audit is an independent examination of the financial staemetnts of an entity to present a true and a…

Q: Tests of controls in a GAAS audit are required fora. Obtaining evidence about the financial…

A: Formal criteria used by auditors when carrying out audits of corporate financial reports are a…

Q: Attached is an audit working paper prepared by a new staff auditor based on his testing of a…

A: Auditor while performing his duties for conducting an audit prepares some documents, file work and…

Q: MOST likely to be performed before the balance sheet date? a. Determine the date of the Letter of…

A: Auditing is independent examination of financial statements to express an opinion on the financial…

Q: plain the responsibilities of both management and auditors with regard to the prevention and…

A: 1. Following measure the Auditor’s responsibilities here:Obtain affordable assurance that the…

Q: When auditing the accounts payable balance on the balance sheet, an auditor’s procedures most likely…

A: Auditing is the inspection of the financial records of the company or organisations with no bias and…

Q: When performing an audit, which of the following is a primary objective of obtaining an…

A: Obtaining an understanding of the entity and its environment, including internal control, is a…

Q: Match each example audit procedure with its correct general audit objective related to accounts…

A: A) Existence of assets: This refers to the verification of whether assets recorded in the financial…

Q: ient’s treasurer. d. A check, issued by the company and bearing the payee’s endorsement, that is…

A: Given: To explain the correct option among the given options as,

Q: A primary objective of analytical procedures used in the final review stage of an audit is toa.…

A:

Q: In auditing the client’s receivables, the auditor decided to select entries in the sales journal and…

A: Assertion of Existence: Assets or liabilities of the company exist at a given date, and recorded…

Q: An audit strategy memorandum containsa. Specifications of auditing standards relevant to the…

A:

Q: Which of the following procedures would most likely be performed during planning?a. Surprise…

A: Identifying related parties would most likely be performed during planning.

Q: Which control activity is the entity implementing when credit and debt memorandums are prenumbered…

A: Control activities helps in assuring that necessary actions are taken to address risks to the…

Q: Assume that your audit partner asks you to design detailed substantive testing programs for accounts…

A: Considerable testing is a review technique that looks at the fiscal reports and supporting…

Q: Analytical procedures used when planning an audit should concentrate ona. Weaknesses in the…

A: Analytical procedures are used by the auditors to analyze the accounts and transactions of the…

Q: "In order to determine whether internal control operated effectively to minimize errors of failure…

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

Q: Accounting Which of the following statements is true regarding the identification and assessment of…

A: While undertaking audit for a client, auditor shall try to identify the potential areas of risk to…

Q: determine its proper allowance for loan losses

A: Option a is wrong because by making visits to the business sites, auditor cannot help in determining…

Q: Questions - Images to these questions are attached below. (a) Recommend SIX tests of controls the…

A: (a) Test of control Objective of the test The auditor should attempt to verify the validity of…

Q: Why do GAGAS require a review for compliance with laws and regulations in conjunction with financial…

A:

Q: Which of the following is NOT a purpose of an audit of financial statements? a.To express an opinion…

A: Introduction:- The main purpose of audit on entity financial statements to express an opinion as to…

Q: 1 essential part of the auditor's responsibility in auditing cash receipts is to identify…

A: Cash receipt refers to the evidence of purchase issued when the buyer of goods has paid in cash and…

Q: Identify important internal control activities present in a properly designed system to mitigate the…

A: Internal Control: A company’s Internal Control ensures that the operational efficiency of a company…

Q: When preparing the financial statements, management makes their best judgment on the account…

A: The correct answer is: "management makes assertions about each account and related disclosures in…

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.