23/12/2024  |   Bookkeeping  

which of the following audit procedures is best for identifying unrecorded trade accounts payable?

An auditor should not be concerned if a cross-reference of vendor addresses withemployee addresses reveals that there are matches. B. The person who approves purchases also signs the cheques. D. All goods owned at year-end are included in the inventory balance. Limiting access to blank documents, such as purchase orders, is part of the custody duty in the acquisition and expenditure cycle. C. Is owned by the company (legal title has been transferred).

Which of the following audit procedures is best for identifying unrecorded trade accounts payable?

  • Auditors must place more emphasis on the existence and rights assertions when obtaining evidence about accounts payable.
  • The stock of inventory on hand at year-end is neither pledged nor sold.D.
  • Purchase cut off procedures should be designed to produce evidence about whether or not merchandise that is included in the inventory of the companyA.
  • When auditing merchandise inventory at year-end, the auditor performs a purchase cut off test to obtain evidence thatA.
  • B. The person who approves purchases also signs the cheques.
  • What documentary evidence is appropriate in attempting to determine if recordedpurchase transactions are valid and prices on the vendors’ invoices are correct?

Is physically present in the warehouse.C. Is owned by the company (legal title has been transferred).D. Relates to the shipping documents for the merchandise issued in the company’s name.

  • Authorization.D.
  • Goods held on consignment for customers are not included in the inventory balance.C.
  • A client maintains perpetual inventory records in both quantities and dollars.
  • Is owned by the company (legal title has been transferred).D.
  • Comparing the results of a physical inventory count to the perpetual inventory records is considered a part of the recording function.
  • No adjustment is necessary.C.
  • A credit balance in a client’s inventory records would suggest failure to record purchases.

a. Examination of unusual relationships between monthly accounts payable balances and recorded cash payments.

which of the following audit procedures is best for identifying unrecorded trade accounts payable?

Ask the client to schedule the physical inventory count at the end of the year. If the auditor traces a sample of receiving reports to the perpetual inventory records, HVAC Bookkeeping the auditor is testing the control of validity. Brown CA was auditing her client Red Manufacturing Company. She selected a sample ofinventory item recorded as issues in the perpetual records and vouched them to productionrequisitions. Brown’s audit procedure was intended to satisfy which control objective? Authorization.D.

  • Investigating payables recorded just prior to and just subsequent to the balance sheet dateto determine whether receiving reports support them.C.
  • Brown CA was auditing her client Red Manufacturing Company.
  • Reconcile receiving reports with related cash payments made just prior to year-end.B.
  • The accounts payable trial balance should not include vendors with nonzero balances.
  • Is physically present in the warehouse.C.
  • D. Ask the client to schedule the physical inventory count at the end of the year.
  • Examining unusual relationships between monthly accounts payable balances and recordedcash payments.D.

a. Examination of unusual relationships between monthly accounts payable balances and recorded cash payments.

Auditors must place more emphasis on the existence and rights assertions when obtaining evidence about accounts payable. When confirming accounts payable, emphasis should be put bookkeeping on what kind of accounts? Accounts with small or zero balances.B.

which of the following audit procedures is best for identifying unrecorded trade accounts payable?

Which of the following audit procedures is best for identifying unrecorded trade accounts payable?

which of the following audit procedures is best for identifying unrecorded trade accounts payable?

A client maintains perpetual inventory records in both quantities and dollars. If theassessed level of control risk is high, an auditor would probablyA. Insist that the client perform physical counts of inventory items several times during theyear.B. Apply gross profit tests to ascertain the reasonableness of the physical counts.C. Increase the extent of accounts payable audit tests of controls of the inventory cycle.D.



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