Which of the following audit procedures would an auditor most likely perform to test controls relating to management'ss assertion concerning the completeness of sales transactions? Show
A. Verify the extensions and footings on the entity's sales invoice and monthly customer statements have been recomputed. B. Inspect the entity's reports of prenumbered shipping documents that have not been recorded in the sales journal. C. Compare the invoiced prices on the prenumbered sales invoices to the entity's authorized price list. D. inquire about the entity's credit granting policies and the consistent application of credit checks. Cards Return to Set Details
Supporting users have an ad free experience! Which of the following procedures would an auditor most likely perform to test?Answer and Explanation: Option (c) is the correct answer. An auditor most likely inquires about the entity's legal counsel concerning litigation, claims, and assessments arising after year-end because it may arise after year-end but before issuance of financial statements for the period.
Which of the following procedures would an auditor most likely complete to test the existence assertion for property?Which of the following procedures would an auditor most likely complete to test the existence assertion for property, plant, and equipment? Obtaining a listing of all current-year additions, vouching significant additions to original invoices, and determining that they have been placed in service.
Which procedures would an auditor most likely rely on to verify management's assertion of completeness?Which of the following procedures would an auditor most likely rely on to verify management's assertion of completeness? - Observing the entity's distribution of payroll checks.
What procedures does the auditor perform to complete the audit?What Is the Audit Process Step-by-Step?. Inspection. In this phase, the auditor checks the accounts payable or receivable transactions for potential misstatements and other relevant reporting standards.. Observation. ... . Confirmation. ... . Recalculation. ... . Reperformance.. |