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Are the audit procedures performed by Ghose sufficient to test accrued payroll tax, vacation pay, and bonuses? If not, what additional procedures should she perform? b. For each additional procedure you recommend in part a., identify the related audit objective the procedure would satisfy.

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Tanvi Ghose is auditing payroll accruals for a manufacturing company. The client has accrued payroll taxes, accrued vacation pay, and accrued bonuses for salespersons as of the end of the fiscal year. Ghose performed the following audit procedures: 1. Compared all accrual balances in the current year to the prior year and noted no significant […]

The auditor traced the test counts to the client’s inventory listing. This procedure likely obtained evidence about which balance-related audit objective for inventory?

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The following questions deal with tests of details of balances and substantive analytical procedures for inventory. Choose the best response. a. An auditor selected items for test counts while observing a client’s physical inventory. The auditor traced the test counts to the client’s inventory listing. This procedure likely obtained evidence about which balance-related audit objective […]

Identify controls and deficiencies in internal control for the payroll and personnel cycle.

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The following are steps in the methodology for designing tests of controls, substantive tests of transactions, and tests of details of balances for the payroll and personnel cycle: 1. Design tests of details of balances for the payroll and personnel cycle. 2. Evaluate whether control risk can be assessed as low for payroll. 3. Design […]

Examine the schedule prepared by the client and your staff and write a memorandum to the in-charge that includes criticisms and concerns about the audit procedures performed and questions for the in-charge auditor to resolve.

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You are the manager in the audit of Vernal Manufacturing Company and are turning your attention to the income statement accounts. The in-charge auditor assessed control risk for all cycles as low, supported by tests of controls. There are no major inherent risks affecting income and expense accounts. Accordingly, you decide that the major emphasis […]

Examine a sample of receiving report numbers and determine whether each purchase was recorded as an account payable.

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The following audit procedures were planned by Jack Kaguri, CPA, in the audit of the acquisition and payment cycle for DeWitt Products, Inc.: 1. Review the acquisitions journal for large and unusual transactions. 2. Examine invoices and related shipping documents included in the client’s unpaid in- voice file at the audit report date to determine […]

Examine the acquisitions and cash disbursements journals for the last few days of the current period and first few days of the succeeding period, looking for large or unusual transactions.

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The following auditing procedures were performed in the audit of accounts payable: 1. Obtain a list of accounts payable. Re-add and compare with the general ledger. 2. Trace from the general ledger trial balance and supporting documentation to deter- mine whether accounts payable, related parties, and other related assets and liabilities are properly included in […]

Are requests for major repairs approved at a higher level than the department initiating the request?

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The following questions concern internal controls in the acquisition and payment cycle. Choose the best response. a. Which of the following questions is an auditor least likely to include on an internal control questionnaire concerning the initiation and execution of equipment transactions? (1) Are requests for major repairs approved at a higher level than the […]

Inquire and observe whether the accounts payable master file balances are periodi- cally reconciled to vendors’ statements by the controller.Examine evidence that the numerical sequence of checks is accounted for by someone independent of the preparation function.

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The following tests of controls and substantive tests of transactions audit procedures for acquisitions and cash disbursements are to be used in the audit of Ward Publishing Company. You concluded that internal control appears effective and a reduced assessed control risk is likely to be cost beneficial. Ward’s active involvement in the business, good separation […]

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