Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Auditing Expert

problem 1: For each of the given specific audit procedures illustrated below, point out the type of audit procedures it represents:

a) Inspection of records or documents
b) Inspection of tangible assets
c) Observation
d) Inquiry
e) Confirmation
f) Recalculation
g) Reperformance
h) Analytical procedures 
i) Scanning

Audit procedures:

A) Sending a written request to the client’s customers requesting that they report the amount owed to the client.

B) Examining big sales invoices for a period of two days before and after the year-end to find out if sales are recorded in the appropriate period.

C) Describing the sufficiency of the allowance for doubtful accounts with the credit manager.

D) Comparing the present year gross profit percentage with the gross profit percentage of the last four years.

E) Examining a new machine to make sure that this main acquisition was received.

F) Watching the client’s warehouse personnel count the raw materials inventory.

G) Reviewing the general ledger for unusual adjusting entries.

problem 2: Evidence comes in different types and has various degrees of reliability. Following are some statements which compare different types of evidence.

a) A bank confirmation versus observation of the segregation of duties between cash receipts and recording payment in the accounts receivable subsidiary ledger.

b) An auditor’s re-calculation of depreciation versus the examination of raw material requisitions.

c) A bank statement comprised in the client’s records versus the shipping documents.

d) Physical inspection of share certificates held for investment versus physical examination of inventory components for a personal computer.

Required:

For each condition, point out whether the first or second kind of evidence is more reliable. Give a rationale for your preference.

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M96998

Have any Question? 


Related Questions in Auditing

Objectivesanswer the following questions with reference to

Objectives Answer the following questions with reference to the relevant common law and equity principles operating in Australia concerning contracts plus related and other transactions. Do not consider the effects of le ...

Smith a certified public accounting firm was engaged to

Smith, a certified public accounting firm, was engaged to audit the financial statements of the Sky-is-the-Limit company. The company has its own IT installation. While obtaining an understanding of internal control, Smi ...

Assignment- auditing planthis assignment will require you

ASSIGNMENT- Auditing Plan. This assignment will require you to use the skills gained in Module/Week 8 to create an auditing plan for a sport or entertainment organization. Please select a professional sports team, colleg ...

Internal essaywhile there is no minimum length i anticipate

Internal Essay While there is no minimum length, I anticipate one to two pages (single spaced, Times New Roman 12 font) for each question. I would look for clear and well-argued submissions showing your depth of knowledg ...

Information security audit assignment -objectives - this

Information Security Audit Assignment - OBJECTIVES - This assignment is designed to assess students' ability to: Produce a concise detailed report about the importance of information security audit policy and its compone ...

Audit report assignmentinstructions activities you will

Audit Report Assignment Instructions (Activities you will perform to help you write your assignment report): • Public Company is Under Armour, Inc. • Access the financial statements for a recent year through the SEC fili ...

Assignment accounting and audit enforcementusing the

Assignment: Accounting and Audit Enforcement Using the Internet, Strayer databases, or the Securities and Exchange Commission's Website, located at http://www.sec.gov/divisions/enforce/friactions/friactions2012.shtml, pe ...

Write a report that discusses emerging issuestop risks and

Write a report that discusses emerging issues/top risks and its impact on internal auditing. Topic: Third-party relationships - Ensuring third-party adherence to regulatory mandates Two pages' long Single spaced Times Ne ...

Accounting questionyour firm recently signed a letter of

Accounting Question: Your firm recently signed a letter of engagement to audit CitCo, the local city and county government. Over your morning cup of coffee you open the local newspaper and read the following: Police are ...

Generally accepted auditing standardscomplete problem below

Generally Accepted Auditing Standards Complete problem below and submit to your instructor. Write under the generally accepted auditing standards column the specific standard that was violated and how the action of Jones ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro