Which of the following tests of controls most likely would help assure an auditor that goods shipped are properly billed?
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1 .The objective of tests of details of transactions performed as tests of controls is to:
A Evaluate whether internal controls operated effectively. B Detect material misstatements in the account balances of the financial statements. C Determine whether internal controls have been implemented. D Monitor the design and use of entity documents such as prenumbered shipping forms.
2 .Evidence concerning the proper segregation of duties for receiving and depositing cash receipts ordinarily is obtained by:
A Performing substantive tests to verify the details of the bank balance. B Completing an internal control questionnaire that describes the control activities. C Observing the employees who are performing the control activities. D Preparing a flow chart of the duties performed and the entity's avail...
3 .An auditor wishes to perform tests of controls on a client's cash disbursements procedures. If the controls leave no audit trail of documentary evidence, the auditor most likely will test the procedures by:
A Analytical procedures and confirmation. B Confirmation and observation. C Observation and inquiry. D Inquiry and analytical procedures.
4 .Before applying principal substantive tests to the details of accounts at an interim date prior to the balance sheet date, an auditor should:
A Assess control risk at a low level for the assertions embodied in the accounts selected for interim testing. B Obtain written representations from management that all financial records and related data will be made available. C Consider whether the amounts of the year-end balances selected for int...
5 .Sound internal control dictates that, immediately upon receiving checks from customers by mail, a responsible employee should:
A Prepare a duplicate listing of checks received. B Add the checks to the daily cash summary. C Record the checks in the cash receipts journal. D Verify that each check is supported by a prenumbered sales invoice.
7 .An auditor most likely would limit substantive audit tests of sales transactions when control risk is assessed as low for the occurrence assertion concerning sales transactions and the auditor has already gathered evidence supporting:
A Opening and closing inventory balances. B Cash receipts and accounts receivable. C Shipping and receiving activities. D Cutoffs of sales and purchases.
8 .If the objective of an auditor's test of details is to detect a possible understatement of sales, the auditor most likely would trace transactions from the:
A Sales journal to the cash receipts journal. B Shipping documents to the sales invoices. C Cash receipts journal to the sales journal. D Sales invoices to the shipping documents.
9 .When an auditor does not receive replies to positive requests for year-end accounts receivable confirmations, the auditor most likely would:
A Increase the assessed level of inherent risk for the revenue cycle. B Increase the assessed level of detection risk for the valuation and completeness assertions. C Inspect the allowance account to verify whether the accounts were subsequently written off. D Ask the client to contact the customers...
10 .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.
