Questions from General Auditing

Q: Discuss procedures that would be useful in ensuring that all disposals of

Discuss procedures that would be useful in ensuring that all disposals of property, plant, and equipment have been recorded.

Q: What are the problems confronting the auditor in verifying both the rate

What are the problems confronting the auditor in verifying both the rate and method of depreciation?

Q: What steps can the auditor take to ensure that the disposal of

What steps can the auditor take to ensure that the disposal of fully depreciated assets is properly recorded? What are the implications if such assets are retained in the accounts?

Q: Explain the use and audit of imprest accounts.

Explain the use and audit of imprest accounts.

Q: Describe procedures to be undertaken where group entities are audited by other

Describe procedures to be undertaken where group entities are audited by other auditors.

Q: Explain why the balance of cash on hand and at bank is

Explain why the balance of cash on hand and at bank is always audited, and why a substantive approach is preferred.

Q: Explain why it is important to trace transfers between bank accounts on

Explain why it is important to trace transfers between bank accounts on either side of the end of the reporting period.

Q: Describe the procedures for counting cash on hand.

Describe the procedures for counting cash on hand.

Q: Outline the procedures involved in verifying the bank reconciliation.

Outline the procedures involved in verifying the bank reconciliation.

Q: Sax Co. sells insurance, and it has recently become a

Sax Co. sells insurance, and it has recently become a listed company. In accordance with corporate governance guidelines, the finance director of Sax is reviewing the company’s corporate governance pr...