Questions from Auditing and Assurance

Q: Identify three other types of receivables the auditor should examine. What

Identify three other types of receivables the auditor should examine. What audit procedures would typically be used to audit other receivables?

Q: Describe the credit function’s duties for monitoring customer payments and handling bad

Describe the credit function’s duties for monitoring customer payments and handling bad debts.

Q: When an entity does not adequately segregate duties, the possibility of

When an entity does not adequately segregate duties, the possibility of cash being stolen before it is recorded is increased. If the auditor suspects that this type of defalcation is possible, what ty...

Q: The auditor needs to understand how selected inherent risk factors affect the

The auditor needs to understand how selected inherent risk factors affect the transactions processed by the revenue process. Discuss the potential effect that industryrelated factors and misstatements...

Q: In understanding the accounting system in the revenue process, the auditor

In understanding the accounting system in the revenue process, the auditor typically performs a walkthrough to gain knowledge of the system. What knowledge should the auditor try to obtain about the a...

Q: A walkthrough is one procedure used by an auditor as part of

A walkthrough is one procedure used by an auditor as part of the internal control audit. A walkthrough requires an auditor to a. Tour the organization’s facilities and locations before beginning any a...

Q: What are the two major controls for sales returns and allowances transactions

What are the two major controls for sales returns and allowances transactions?

Q: List four analytical procedures that can be used to test revenue-

List four analytical procedures that can be used to test revenue-related accounts. What potential misstatements are indicated by each of these analytical procedures?

Q: Describe how the auditor verifies the accuracy of the aged trial balance

Describe how the auditor verifies the accuracy of the aged trial balance.

Q: List and discuss the three factors mentioned in the chapter that may

List and discuss the three factors mentioned in the chapter that may affect the reliability of confirmations of accounts receivable.