When an auditor does not receive replies to positive requests for year-end accounts receivable confirmations, the auditor most likely would:
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1 .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...
2 .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.
3 .Which of the following tests of controls most likely would help assure an auditor that goods shipped are properly billed?
A Examine shipping documents for matching sales invoices. B Scan the sales journal for sequential and unusual entries. C Compare the accounts receivable ledger to daily sales summaries. D Inspect unused sales invoices for consecutive prenumbering.
4 .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.
5 .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.
7 .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.
8 .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...
9 .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...
10 .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.
