Which of the following audit procedures is most effective for detecting unrecorded liabilities at the balance sheet date? Show
Question 48 options:
 Q: Which of the following audit procedures is aimed most directly at testing the completeness assertion… A: For acco payable auditor should perform appropriate audit procedure for testing completeness… Q: By preparing a four-column bank reconciliation ("proof of cash") at year-end, an auditor will… A: Bank Reconciliation is a statement which is prepared to reconcile the balance as per cash book and… Q: Which of the following provides the highest-quality evidence regarding the Valuation of recorded… A: Performing the Analytical procedures provides the highest-quality evidence regarding the Valuation… Q: Which of the following would provide an auditor with the most reliable evidence reguarding the… A: most reliable evidence reguarding the existence of accounts receivable: Q: Why is there a greater emphasis on the detection of fraudin tests of details of cash balances than… A: Click to see the answer Q: In the audit of a client with a fiscal year ending December 31, the CPAs obtain a January 10 bank… A: A bank reconciliation statement refers to the statement that matches the balance as per the bank… Q: Which of the following internal controls is a common detective control over cash and cash… A: Internal control is implemented, to maintain effectiveness, efficiency, ,follow the policies,… Q: 1. In auditing the Maranao Company, you obtain directly from the bank, with which it does business,… A: Click to see the answer Q: Bank reconciliations are normally prepared on a monthly basis to identify adjustments needed in the… A: Bank reconciliation statement is third eye to check discrepancies in a business environment.… Q: Which of the following substantive procedures should auditors ordinarily perform regarding… A: Substantive analytical procedure is a method of comparing the result through ratios, figures and… Q: For each of the following audit procedures, state which type of evidence-gathering technique is… A: As per our protocol we provide solution to the first three sub-parts only but you have asked… Q: In auditing Backstraight Boyz Corporation, you obtained the bank statement, cancelled checks, and… A: 1. Following is the preparation of the bank reconciliation statement: Q: Preparing a bank reconciliation on a monthly basis is an example of: A. establishing responsibility… A: A bank reconciliation is the process by which the balances are matched as between the bank statement… Q: The preparation of monthly bank account reconciliations is an internal control in place to detect… A: The given statement is True.... Bank account reconciliation is prepared to detect the difference in… Q: Which of the following audit procedures is a dual-purpose test, which tests the effectiveness of… A: Internal control procedures are those procedures which are implemented for assuring the achievement… Q: Which of the following audit procedures is a dual-purpose test, which tests the effectiveness of… A: A dual-purpose test is an audit method that serves as a control and substantive test at the same… Q: On receiving the bank cutoff statement, the auditor should trace: A: A bank cut off statement is the statement of bank as on a specified date which is subsequent to the… Q: In your audit of Ginko Company, you have received a cash confirmation and a cutoff statement from… A: Substantive audit procedures is performed by the auditors to obtain evidence that supports the… Q: Choose the one correct answer. Which of the following is not an appropriate question in an ICQ? *… A: Internal Control Questionnaire -ICQ : ICQ is an important tool for conducting an audit. It is… Q: Based on the above and result of your audit, determine the following: Cash receipts per bank in May A: Bank reconciliation is the statement in which the company matches its cash balance as per cash book… Q: Bank statements provide information about all of the following, except Checks cleared during the… A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or… Q: Examine the cash receipts journal in the accounting system and compare the amounts received to the… A: Audit procedure: Audit procedures represent all the methods and processes used by auditors to… Q: Which of the following communications is most likely to be written before the balance-sheet date?a.… A: Click to see the answer Q: You are auditing the cash account of Vhina Inc. for the fiscal year ended July 31, 2020. The client… A: Answer to Question:- Correct Cash in Bank Balance =P20,940. Bank… Q: Which of the following substantive procedures should auditors ordinarily perform regarding… A: The question is multiple choice question. Required Choose the Correct Option. Q: Verification of Outstanding Checks from Corrected Bank Reconciliation In connection with your audit… A: A bank reconciliation statement aligns an institution's bank account with its financial documents by… Q: Using the reconciling items below, prepare a bank reconciliation for the September 30, 2021 year… A: A bank reconciliation statement is a summary of banking and business activity that reconciles an… Q: which audit assertions the audit procedure of cash count and bank confirmation requests will meet? A: The financial statements prepared by the management may contain misstatements, and any other… Q: From the following alternatives, choose the internal sources of audit evidence. a. Confirmation from… A: Internal sources of audit evidence include a company's documented processes, policy documents,… Q: he following are misstatements that might be found in the client’s year-end cash balance (assume… A: Click to see the answer Q: Which of the following communications is most likely to be written before the balance-sheetdate?a. A… A: D.Correct.- An engagement letter would be written before accepting an engagement and therefore… Q: In preparing for the audit of cash, the auditors perform analytical procedures concerningcash… A: Click to see the answer Q: When a sample of customer accounts receivable is selected for vouching debits, auditors willvouch… A: Vouching Vouching can be defined as the process of verifying the transaction made in books of… Q: Explain why an auditor compares the “date of deposit accordingto the books” to the “date of… A: Typically, the phrase audit applies to an audit of the financial statement. A financial audit… Q: Which of the following procedures would most likely be performed during planning?a. Surprise… A: Identifying related parties would most likely be performed during planning. Q: Which of the following procedures would most likely be performed during planning?a. Surprise… A: Audit Planning Stage: Planning stage is an auditing process contains the procedures such as gaining… Q: Which of the following procedures would most likely be performed during planning?a. Surprise… A: Audit Planning: Q: The following reconciling items are applicable to the bank reconciliation for Ellington Company: (1)… A: Introduction: Bank Reconciliation statement: It's a statement prepared by the customer of the bank.… Q: Other Income" if the Bank fails to detect the error within the next three months. Please discuss… A: It was actually assistant controller responsibility to call the bank's attention to the variance.… Q: Will journal entries be necessary based on the book or bank adjustments you discovered in the bank… A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please… Q: If a check correctly written and paid by the bank for $541 is incorrectly recorded on the company’s… A: Difference of amount in bank and company's book = $541 - $514 = $27 Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. Recommended textbooks for you Financial Accounting ISBN:9781337272124 Author:Carl Warren, James M. 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Review of cash disbursements recorded subsequent to the balance sheet date to determine whether the related payables apply to the prior period.
How do you audit unrecorded liabilities?The auditor should verify the unrecorded liability by applying the given audit procedures:. The auditor shall verify purchase orders and all supporting documents with journal entries related to purchases and cash disbursals. ... . Analytical procedures are done in order to test the trend and look for unusual relations.. Which of the following procedure would an auditor most likely perform in searching for unrecorded payables?Which of the following procedures would an auditor most likely perform in searching for unrecorded liabilities? Vouch a sample cash disbursements recorded jsut after year end to receiving reports and vendor invoices.
Which of the following procedures would least likely lead the auditor to detect unrecorded?Which of the following audit procedures would be least likely to lead the auditors to find unrecorded fixed asset disposals? Review of repairs and maintenance expense.
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Which of the following audit procedures is the most efficient at detecting unrecorded liabilities at the balance sheet date?
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