An entity with a large volume of customer remittances by mail could most likely reduce the risk of employee misappropriation of cash by using:
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1 .In testing controls over cash disbursements, an auditor most likely would determine that the person who signs checks also:
A Is denied access to the supporting documents. B Returns the checks to accounts payable. C Is responsible for mailing the checks. D Reviews the monthly bank reconciliation.
2 .Which of the following describes a weakness in accounts payable procedures?
A The accounts payable manager issues purchase orders. B The accounts payable clerk files invoices and supporting documentation after payment. C The accounts payable clerk manually verifies arithmetic on the vendor invoice. D The accounts payable system compares the receiving report to the vendor in...
3 .Which of the following procedures would an auditor most likely perform in searching for unrecorded liabilities?
A Scan the cash disbursements entries recorded just before year-end for indications of unusual transactions. B Vouch a sample of cash disbursements recorded just after year-end to receiving reports and vendor invoices. C Compare a sample of purchase orders issued just after year-end with the year-en...
4 .Tests designed to detect purchases made before the end of the year that have been recorded in the subsequent year most likely would provide assurance about management's assertion regarding:
A Cutoff. B Classification. C Obligations. D Accuracy.
5 .Bank AccountsCheck No.FromTo101NationalFederal202CountyState303FederalAmerican404StateRepublicDisbursement DateReceipt DateCheckNo.PerBooksPerBankPerBooksPerBank101Dec. 30Jan. 4Dec. 30Jan. 3202Jan. 3Jan. 2Dec. 30Dec. 31303Dec. 31Jan. 3Jan. 2Jan. 2404Jan. 2Jan. 2Jan. 2Dec. 31Which of the following checks might indicate kiting?
A #101 and #303. B #202 and #303. C #202 and #404. D #101 and #404.
7 .Which of the following internal control procedures most likely addresses the completeness assertion for inventory?
A Receiving reports are prenumbered and periodically reconciled. B There is a separation of duties between payroll department and inventory accounting personnel. C Work in process account is periodically reconciled with subsidiary records. D Employees responsible for custody of finished goods do not...
8 .A client maintains perpetual inventory records in both quantities and dollars. If the assessed level of control risk is high, an auditor would probably:
A Apply gross profit tests to ascertain the reasonableness of the physical counts. B Increase the extent of tests of controls of the inventory cycle. C Insist that the client perform physical counts of inventory items several times during the year. D Request the client to schedule the physical inven...
9 .An auditor scans a client's investment records for the period just before and just after the year-end to determine that any transfers between categories of investments have been properly recorded. The primary purpose of this procedure is to obtain evidence about management's financial statement assertions of:
A Existence, and understandability and classification. B Understandability and classification, and valuation and accuracy. C Rights and obligations, and existence. D Valuation and accuracy, and rights and obligations.
10 .When a client engages in transactions involving derivatives, the auditor should:
A Notify those charged with governance about the risks involved in derivative transactions. B Confirm with the client's broker whether the derivatives are for trading purposes. C Develop an understanding of the economic substance of each derivative. D Add an explanatory paragraph to the auditor's re...
