Upgrade to remove ads
Terms in this set (12)
Which of the following procedures is least likely to be completed before the balance sheet date?
Search for unrecorded liabilities
An audit of the balance in the accounts payable account is ordinarily not designed to :
Detect accounts payable that are substantially past due
Which of the following is the best audit procedures for determining the existence of unrecorded liabilities?
Examine selected cash disbursements in the period subsequent to year-end.
Auditor confirmation of accounts payable balances at the balance sheet date may be unnecessary because :
There is likely to be other reliable external evidence available to support the balances
A client is erroneously recorded a large purchase twice. Which of the following internal control measures would be most likely to detect this error in a timely and efficient manner?
Reconciling vendors' monthly statement with subsidiary payable ledger accounts.
For effective internal control, the accounts payable department should compare the information on each vendor's invoice with the :
Receiving report and the purchase order.
When confirming the accounts payable , the approach is most likely to be one of :
selecting the accounts of companies with whom the client has perviously done the most business plus a sample of other accounts.
In an audit, the valuation of year-end accounts payable is most likely addressed by:
Ordinarily, the most significant assertion relating to accounts payable is :
The least likely approach in auditing managements estimate relating to an accrued liability is to
send confirmations relating to the estimate
To determine that each voucher is submitted and paid only once, when a payment is approved, supporting documents should be canceled by the :
Individual who signs the checks
In performing a test of controls, the auditors vouch a sample of entires in the purchases journal to the supporting documents. Which assertion would this test of controls most likely test?
This set is often in folders with...
Chapter 11 MC
Auditing Chapter 12
You might also like...
Auditing Chapter 14
Chapter 10&11 Auditing (CPA)
Chapter 14 Multiple choice
Other sets by this creator
Governmental - Chapters 1 & 2
Other Quizlet sets
Basic audit staff test
ACCTG 431 Gleim Homework for Chapters 14,16,18-19
CH 14 HW