Questions from Auditing and Assurance

Q: The following questions concern internal controls in the acquisition and payment cycle

The following questions concern internal controls in the acquisition and payment cycle. Choose the best response. a. An auditor traced a sample of purchase orders and the related receiving reports to...

Q: The following questions concern internal controls in the acquisition and payment cycle

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 intern...

Q: The following questions concern internal controls in the payroll and personnel cycle

The following questions concern internal controls in the payroll and personnel cycle. Choose the best response. a. An auditor found that employee time records in one department are not properly approv...

Q: The following questions concern analytical procedures in the sales and collection cycle

The following questions concern analytical procedures in the sales and collection cycle. Choose the best response. a. As a result of analytical procedures, the auditor determines that the gross profit...

Q: The following questions deal with confirmation of accounts receivable. Choose the

The following questions deal with confirmation of accounts receivable. Choose the best response. a. The return of a positive confirmation of accounts receivable without an exception attests to the (1)...

Q: The following apply to evaluating results of audit sampling for tests of

The following apply to evaluating results of audit sampling for tests of details of balances. For each one, select the best response. a. While performing a substantive test of details during an audit,...

Q: The following questions concern the audit of accounts in the capital acquisition

The following questions concern the audit of accounts in the capital acquisition and repayment cycle. Choose the best response. a. Which of the following audit procedures would be most relevant when e...

Q: The following questions concern accumulating evidence in the acquisition and payment cycle

The following questions concern accumulating evidence in the acquisition and payment cycle. Choose the best response. a. In auditing accounts payable, an auditor’s procedures most likely will focus pr...

Q: The following questions deal with contingent liabilities and the review for subsequent

The following questions deal with contingent liabilities and the review for subsequent events. Choose the best response. a. When a contingency is resolved subsequent to the issuance of audited financi...

Q: The following questions deal with auditing year-end cash and financial

The following questions deal with auditing year-end cash and financial instruments. Choose the best response. a. A CPA obtains a January 10 cutoff bank statement for a client directly from the bank. V...