Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 15, Problem 11RQ
To determine
Define the difference between an attribute and an exception condition and explain the exception condition for the
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Explain the difference between an attribute and an exceptioncondition. State the exception condition for the audit procedure: The duplicate salesinvoice has been initialed indicating the performance of internal verification.
What three types of authorizations are commonly used as internalcontrols for sales? For each authorization, state a substantive test that the auditor coulduse to verify whether the control was effective in preventing misstatements.
The auditor reviewed the shipping
documents to ensure that all products
included in the sales revenue to XYZ
have been shipped. This is an example
of: *
O Classification
Completeness
Rights and obligations
O Occurrence
Chapter 15 Solutions
Auditing And Assurance Services
Ch. 15 - Prob. 1RQCh. 15 - Prob. 2RQCh. 15 - Prob. 3RQCh. 15 - Prob. 4RQCh. 15 - Prob. 5RQCh. 15 - Prob. 6RQCh. 15 - Prob. 7RQCh. 15 - Prob. 8RQCh. 15 - Prob. 9RQCh. 15 - Prob. 10RQ
Ch. 15 - Prob. 11RQCh. 15 - Prob. 12RQCh. 15 - Prob. 13RQCh. 15 - Prob. 14RQCh. 15 - Distinguish between the TER and the CUER. How is...Ch. 15 - Prob. 16RQCh. 15 - Prob. 17RQCh. 15 - Prob. 18RQCh. 15 - Prob. 19RQCh. 15 - Prob. 20RQCh. 15 - Prob. 21RQCh. 15 - Prob. 22RQCh. 15 - Prob. 23.1MCQCh. 15 - Prob. 23.2MCQCh. 15 - Prob. 23.3MCQCh. 15 - Prob. 24.1MCQCh. 15 - Prob. 24.2MCQCh. 15 - Prob. 24.3MCQCh. 15 - Prob. 25.1MCQCh. 15 - Prob. 25.2MCQCh. 15 - Prob. 25.3MCQCh. 15 - Prob. 26.1MCQCh. 15 - Prob. 26.2MCQCh. 15 - Prob. 26.3MCQCh. 15 - Prob. 27DQPCh. 15 - Prob. 28DQPCh. 15 - Prob. 30DQPCh. 15 - Prob. 31DQPCh. 15 - Prob. 32DQPCh. 15 - Prob. 36DQPCh. 15 - Prob. 37DQPCh. 15 - Prob. 38C
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- Which of the following tests of controls is most useful in assessing the transaction-related audit objective related to completeness? Attempt to input transactions with valid and invalid vendors. Account for sequence of vouchers and ensure that the vouchers prenumbered. Examine supporting documents for indication of approval. Examine documents in voucher package for occurrence.arrow_forwardThe auditor verifying whether all goods received by the company have been recorded appropriately. The source document that the auditor would test would mostly likely be the? A. Supplier Invoice B. Purchase Orders C. Receiving Reports D. Check Vouchersarrow_forwardwhen auditing VAT payable account, what are the considerations that you need to remember and procedures that you need to do say that you have gained a reasonable assurance of its compliance with standards and regulatory protocols?arrow_forward
- What audit procedures are most likely to be used to verify accountsreceivable written off as uncollectible? State the purpose of each of these procedures.arrow_forwardState one test of control and one substantive test of transactions that the auditor can use to verify the following sales transaction-related audit objective: Recorded sales are stated at the proper amounts.arrow_forwardIn a test of controls, auditors may trace receiving reports to vouchers recorded in the voucher register. This is a test fora. Occurrence.b. Completeness.c. Classification.d. Cutoff.arrow_forward
- Discuss the meaning of the following terms and how they apply to auditing accounts receivable: a. tie-in b. completeness c. existence d. accuracy e. rights f. realizable value g. cutoff h. classification Please provide references.arrow_forwardChoose the one correct answer In auditing the client’s receivables, the auditor decided to select entries in the sales journal and trace them back to the sales invoice, delivery receipt and the sales order. This procedure is consistent in corroborating which of the following assertion? * A. ValuationB. ExistenceC. CompletenessD. Rights and Obligationse. None of the abovearrow_forward10. The inspection of a vendor's invoice by the auditors is: Select one:a. Direct evidence about occurrence of a transactionb. Part of the client's accounting systemc. Documentary evidence about occurrence of a transactiond. Physical evidence about occurrence of a transactarrow_forward
- Explain the importance of proper credit approval for sales. Whateffect do adequate controls in the credit function have on the auditor’s evidence accumulation?arrow_forwardIndicate a specific audit procedure under each of the following categories, as applied particularly in the sales and collection cycle.a. test of controlb. substantive test of transactionsc. substantive test of account balancesarrow_forwardWhere would an auditor find the proper authorization that indicates it is okay to pay a vendor?arrow_forward
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