Questions from Accounting for Government and Non-Profit

Q: Why is it essential that the auditor not leave questions or exceptions

Why is it essential that the auditor not leave questions or exceptions in the audit documentation without an adequate explanation?

Q: Who owns the audit files? Under what circumstances can they be

Who owns the audit files? Under what circumstances can they be used by other people?

Q: How does the auditor read and evaluate information that is available only

How does the auditor read and evaluate information that is available only in machine-readable form?

Q: Explain the purposes and benefits of audit documentation software.

Explain the purposes and benefits of audit documentation software.

Q: The following questions concern persuasiveness of evidence. Choose the best

The following questions concern persuasiveness of evidence. Choose the best response. a. Which of the following types of documentary evidence should the auditor consider to be the most reliable? (1)...

Q: Busch Corporation has an existing loan in the amount of $4

Busch Corporation has an existing loan in the amount of $4.5 million with an annual interest rate of 5.5%. The company provides an internal company-prepared financial statement to the bank under the l...

Q: The following questions concern audit documentation. Choose the best response.

The following questions concern audit documentation. Choose the best response. a. Which of the following is not a primary purpose of audit documentation? (1) To coordinate the audit. (2) To assist in...

Q: The following are examples of documentation typically obtained by auditors:

The following are examples of documentation typically obtained by auditors: 1. Vendors' invoices 2. General ledger files 3. Bank statements 4. Cancelled payroll checks 5. Payroll time records 6. Purch...

Q: The following are examples of audit procedures: 1. Review

The following are examples of audit procedures: 1. Review the accounts receivable with the credit manager to evaluate their collectibility. 2. Compare a duplicate sales invoice with the sales journal...

Q: List two examples of audit evidence the auditor can use in support

List two examples of audit evidence the auditor can use in support of each of the following: a. Recorded amount of entries in the acquisitions journal b. Physical existence of inventory c. Accuracy of...