Homework answers / question archive / Question 1) For the most part, the audit of the sales and collection cycle Question 2) The most appropriate  key tool an auditor can use to ensure integrity of the in the  sales and collection cycle is to: Question 3 Cash receipts from sales on account have been misappropriated

Question 1) For the most part, the audit of the sales and collection cycle Question 2) The most appropriate  key tool an auditor can use to ensure integrity of the in the  sales and collection cycle is to: Question 3 Cash receipts from sales on account have been misappropriated

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Question 1)

For the most part, the audit of the sales and collection cycle

Question 2)

The most appropriate  key tool an auditor can use to ensure integrity of the in the  sales and collection cycle is to:

Question 3

Cash receipts from sales on account have been misappropriated. Which of the following internal controls may have prevented this?

Question 4

A ______sample would be used to describe a sample in which every possible combination of items in the population has an equal chance of constituting the sample.

Question 5

Which of the following must be set prior to testing a sample?

Question 6

To determine a sample size the auditor would need to know the:

Question 7

A __________ is a communication addressed to a customer requesting him or her to confirm whether the balance as stated on the document is correct or incorrect

Question 8

When an auditor looks at a report with over 500 purchases and decides to review all of the purchase over $1,000,000 this is an example of what type of sampling?

Question 9

When auditing payroll a control activity associated with accuracy would be:

Question 10

Analytical procedures for  payroll may include:

Question 11

When auditing the inventory cycle the auditor should do all of the following EXCEPT:

Question 12

A weak internal control system allows a department supervisor to “clock in” for a fictitious employee and then approve the employee’s time card at the end of the pay period. This fraud would be detected if other controls were in place, such as having an independent party:

Question 13

The overall objective in the audit of the acquisition and payment cycle is to:

Question 14

Tests of controls for the acquisition and payment cycle are usually done by:

Question 15

There are inherent risks with the audit of property plant and equipment.  Which of the following is one of those risks?

Question 16

Because cash is the most desirable asset for people to steal, it has a higher:

Question 17

If an auditor discovers material misstatements after the audit report is issued, the auditor’s first step should be to notify:

 

Question 18

The auditor is responsible for communicating significant deficiencies to:

Question 19

You are a CPA retained by the manager of a cooperative retirement village to do “write-up work.” You are expected to prepare unaudited financial statements with each page marked “unaudited” and accompanied by a disclaimer of opinion stating no audit was performed. In performing the work, you discover that there are no invoices to support a claim for a $25,000 disbursement. The manager informs you that all the disbursements are proper. What should you do?