Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 6, Problem 42EOQ
Vouching from journals (or ledgers) to source documents most directly tests:
- (1) Completeness (understatements).
- (2) Existence (overstatements).
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An audit trail is a step-by-step record by which accounting data can be traced to its source. Therefore, Vouching is used primarily to test which of the following assertions about classes of transaction?
Select one:
a.Accuracy.
b.Completeness.
c. Cut-off
d. Occurrence
How to ensure that overstatement as well as misstatements of account balances due to redundancy and out-of-date of information flows are identified and terminated?
A system that traces the detailed transactions relating to any item in an accounting record could be define as an audit trail. Therefore, Tracing is used primarily to test which of the following assertions about classes of transactions?
Select one:
a. Valuation and Allocation.
b. Accuracy.
c. Existence.
d. Completeness
Chapter 6 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 6 - Prob. 1RQCh. 6 - Prob. 2RQCh. 6 - Prob. 3RQCh. 6 - Discuss what is meant by the phrase shopping for...Ch. 6 - Prob. 5RQCh. 6 - Prob. 6RQCh. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQ
Ch. 6 - Prob. 11RQCh. 6 - Prob. 12RQCh. 6 - Prob. 13RQCh. 6 - Prob. 14RQCh. 6 - Prob. 15RQCh. 6 - What is meant by making a proper year-end cutoff?...Ch. 6 - Prob. 17RQCh. 6 - Prob. 18RQCh. 6 - Prob. 19RQCh. 6 - Prob. 20RQCh. 6 - Auditing standards require the auditors to have a...Ch. 6 - Prob. 22RQCh. 6 - Prob. 23RQCh. 6 - Prob. 24QRACh. 6 - Prob. 25QRACh. 6 - Prob. 26QRACh. 6 - Prob. 27QRACh. 6 - Prob. 28QRACh. 6 - Prob. 29QRACh. 6 - Prob. 30QRACh. 6 - Prob. 31QRACh. 6 - Prob. 32QRACh. 6 - Prob. 33QRACh. 6 - Prob. 34QRACh. 6 - Prob. 35QRACh. 6 - Prob. 36QRACh. 6 - Prob. 37QRACh. 6 - Prob. 38AOQCh. 6 - Prob. 38BOQCh. 6 - Prob. 38COQCh. 6 - Prob. 38DOQCh. 6 - Prob. 38EOQCh. 6 - Prob. 38FOQCh. 6 - Prob. 38GOQCh. 6 - Prob. 38HOQCh. 6 - Prob. 38IOQCh. 6 - Prob. 38JOQCh. 6 - Prob. 38KOQCh. 6 - Prob. 38LOQCh. 6 - Prob. 39OQCh. 6 - Prob. 40OQCh. 6 - Prob. 41OQCh. 6 - Prob. 42AOQCh. 6 - Prob. 42BOQCh. 6 - Prob. 42COQCh. 6 - Tracing from source documents to journals most...Ch. 6 - Vouching from journals (or ledgers) to source...Ch. 6 - For each definition (or portion of a definition)...Ch. 6 - Prob. 44PCh. 6 - Prob. 45PCh. 6 - Tammy Potter, a new partner with the regional CPA...
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- involves checking the mathematical accuracy of documents. a. Inquiry b. Analytical Procedure c. Computation d. Confirmationarrow_forwardAn item or information is said to be material if misstatement of which can influence the ___ a. Auditor's decision b. Audit committee's decision c. User's decision d. Management decisionarrow_forwardWhich of the following principles of internal control relates to having prenumbered documents? O Physical controls. O Documentation procedures. O Segregation of responsibilities. O HR controls.arrow_forward
- When testing the existence assertion, the auditor will take the vouching direction when examining documents. * True Falsearrow_forwardWhich of the following management assertions is not associated with classes of transactions and events? Select one: a. classification b. rights and obligations c. occurrence d. accuracyarrow_forwardDiscuss how the process of getting IT audit evidence differs fundamentally from the method of acquiring evidence in a manual system.arrow_forward
- Which concept states that accounting information should be complete, neutral, and free from material error?arrow_forwardHow would you find errors in recording transactions and what is the process to correct errors?arrow_forwardWhich of the following is often called a compensating control?a. transaction authorizationb. supervisionc. accounting recordsd. independent verificationarrow_forward
- Substantive procedure comprises of ____________ a. Test of details and analytical procedure. b. No trial Test and Test of details c. Test of control and test of details. d. Document trial and test of detailsarrow_forwardWhich of the following statements is NOT CORRECT relative to source documents? a. The internally generated source documents are verified as authorized and approved. b. They may be internally generated or received from different outside parties. c. The source documents received from outside parties d. numbered in series.arrow_forwardWhy are external documents considered more reliable evidence than internal documents? What aspects of internal documents would help to increase their reliability?arrow_forward
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