GLEIM (Evidence + Cash Testing )
CHAPTER 6 QUESTIONS COMPLETE AND
ACCURATE A+ GRADED.
During the process of confirming receivables as of December 31, Year 1, a
positive confirmation was returned indicating the "balance owed as of
December 31 was paid on January 9, Year 2." The auditor would most
likely
Verify that the amount was received.
An auditor confirms a representative number of open accounts receivable
as of December 31 and investigates respondents' exceptions and
comments. By this procedure, the auditor would be most likely to learn of
which of the following?
One of the cashiers has been covering a personal embezzlement by lapping.
Which of the following strategies most likely could improve the response
rate of the confirmation of accounts receivable?
Including a list of items or invoices that constitute the account balance.
Under which of the following circumstances would using the blank form
of confirmation of accounts receivable most likely be preferable to other
types of positive confirmations?
Recipients are likely to sign other types of positive confirmations without
careful investigation.
Which of the following procedures is performed first for unreturned
positive confirmations of accounts receivable?
Sending second requests for confirmation of accounts receivable.
, Audit documentation that records the procedures used by the auditor to
gather evidence should be
Designed to meet the circumstances of the particular engagement.
An auditor's audit documentation will least likely show how the
Client's schedules were prepared.
Which of the following documentation is not required for an audit in
accordance with auditing standards?
A client letter that details the auditor's planned field work.
The PCAOB's AS 1215, Audit Documentation, requires that a complete
and final set of audit documentation be assembled for retention as of a
date not more than 45 days after the audit report release date. After that
date, audit documentation may
Be added, but no audit documentation may be deleted or discarded.
Standardized working papers are often used, chiefly because they allow
audit documentation to be prepared more
Efficiently
Which of the following is usually included or shown in the audit
documentation?
A summary of how significant findings were addressed.
Although the quantity and content of audit documentation vary with each
engagement, an auditor's permanent files most likely include
Analyses of capital stock and other owners' equity accounts.
Audit working papers are indexed by means of reference numbers. The
primary purpose of indexing
Permit cross-referencing and simplify supervisory review.
CHAPTER 6 QUESTIONS COMPLETE AND
ACCURATE A+ GRADED.
During the process of confirming receivables as of December 31, Year 1, a
positive confirmation was returned indicating the "balance owed as of
December 31 was paid on January 9, Year 2." The auditor would most
likely
Verify that the amount was received.
An auditor confirms a representative number of open accounts receivable
as of December 31 and investigates respondents' exceptions and
comments. By this procedure, the auditor would be most likely to learn of
which of the following?
One of the cashiers has been covering a personal embezzlement by lapping.
Which of the following strategies most likely could improve the response
rate of the confirmation of accounts receivable?
Including a list of items or invoices that constitute the account balance.
Under which of the following circumstances would using the blank form
of confirmation of accounts receivable most likely be preferable to other
types of positive confirmations?
Recipients are likely to sign other types of positive confirmations without
careful investigation.
Which of the following procedures is performed first for unreturned
positive confirmations of accounts receivable?
Sending second requests for confirmation of accounts receivable.
, Audit documentation that records the procedures used by the auditor to
gather evidence should be
Designed to meet the circumstances of the particular engagement.
An auditor's audit documentation will least likely show how the
Client's schedules were prepared.
Which of the following documentation is not required for an audit in
accordance with auditing standards?
A client letter that details the auditor's planned field work.
The PCAOB's AS 1215, Audit Documentation, requires that a complete
and final set of audit documentation be assembled for retention as of a
date not more than 45 days after the audit report release date. After that
date, audit documentation may
Be added, but no audit documentation may be deleted or discarded.
Standardized working papers are often used, chiefly because they allow
audit documentation to be prepared more
Efficiently
Which of the following is usually included or shown in the audit
documentation?
A summary of how significant findings were addressed.
Although the quantity and content of audit documentation vary with each
engagement, an auditor's permanent files most likely include
Analyses of capital stock and other owners' equity accounts.
Audit working papers are indexed by means of reference numbers. The
primary purpose of indexing
Permit cross-referencing and simplify supervisory review.
