Essay Quoll

Revolutionized Research Writing

Tag: transactions

Examine supporting documents for cash disbursements after year end to determine whether they should be included in the year-end list of accounts payable.

Posted on by Assessments

The following are various audit procedures per- formed in the audit of the acquisition and payment cycle and accounts payable: 1. Foot the acquisitions journal for the month of August and trace postings to general ledger and accounts payable master file. 2. Determine that the amount of purchases from major customers is properly disclosed in […]

Which of the following tests would an auditor be least likely to perform during an audit of accounts payable?

Posted on by Assessments

The following questions concern internal controls and accumulating evidence in the acquisition and payment cycle. Choose the best answer. a. While auditing a client’s purchase transactions, an auditor selects a sample of vouch- ers and then compares the dates on the vouchers to the dates on which the corre- sponding transactions were actually recorded in […]

What alternative courses of action are appropriate when a population is rejected using nonstatistical sampling for tests of details of balances? When should each option be followed?

Posted on by Assessments

AUDIT SAMPLING FOR TESTS OF DETAILS OF BALANCES 1. What are the major differences in the 14 steps used in nonstatistical sampling for tests of details of balances versus the steps for tests of controls and substantive tests of transactions? 2. What alternative courses of action are appropriate when a population is rejected using nonstatistical […]

Differentiate audit sampling for tests of details of balances and for tests of controls and substantive tests of transactions.

Posted on by Assessments

AUDIT SAMPLING FOR TESTS OF DETAILS OF BALANCES Differentiate audit sampling for tests of details of balances and for tests of controlsand substantive tests of transactions.Apply nonstatistical sampling to tests of details of balances.Apply monetary unit sampling.Describe variables sampling.Use difference estimation in tests of details of balances

What risks would you consider to be significant risks?Identify the major factors affecting client business risk and acceptable audit risk for this audit.

Posted on by Assessments

You are auditing the sales and collection cycle for the Smalltown Regional Hospital, a small not-for-profit hospital. The hospital has a reputa- tion for excellent medical services and deficient record keeping. The medical people have a tradition of doing all aspects of their job correctly, but because of a shortage of accounting personnel, there is […]

Examine sales invoices for consignment sales and other shipments for which control has not been transferred.

Posted on by Assessments

Test of Details of Balances,Test of Control, or Substantive Test of Transactions Audit Procedure 1. Confirm accounts receivable ending balances and sales terms, such as right of return and consignment arrangements. 2. Review sales returns after the balance sheet date to determine whether any are ap- plicable to the current year. 3. Compare dates on […]

Compare attributes 1 and 5. Why does attribute 1 have the smaller sample size?

Posted on by Assessments

The sampling data sheet below is missing selected information for six attributes involving tests of transactions for the sales and collection cycle. Planned Audit Actual Results Attributes EPER TER ARO Initial Sample Size Sample Size Number of Exceptions CUER Attribute 1 0% 6% 5% 49 50 1 ____ Attribute 2 0% 4% ___ 74 80 […]

What is the sample size if you increase the confidence level to 95 percent and do not change the other sampling parameters? What is the sample size if you increase the upper error limit to 8 percent, with a confidence level of 90 percent and expected error rate of zero?

Posted on by Assessments

This problem requires the use of ACL software, which can be accessed through the textbook website. Information about downloading and using ACL and the commands used in this problem can also be found on the textbook website. You should read all of the reference material, especially the material on sampling, to answer questions a. through […]

List the most important duties that should be segregated in the sales and collection cycle. Explain why it is desirable that each duty be segregated.

Posted on by Assessments

Describe the following documents and records and explain their use in the sales and collection cycle: bill of lading, credit memo, remittance advice, and accounts receivable trial balance. 14-2 (OBJECTIVE 14-2) Explain the importance of proper credit approval for sales. What effect do adequate controls in the credit function have on the auditor’s evidence accumulation? […]

© 2020 EssayQuoll.com. All Rights Reserved. | Disclaimer: For assistance purposes only. These custom papers should be used with proper reference.