When a client engages in transactions involving derivatives, the auditor should:
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2 .An entity with a large volume of customer remittances by mail could most likely reduce the risk of employee misappropriation of cash by using:
A A bank lockbox system. B Employee fidelity bonds. C Daily check summaries. D Independently prepared mailroom prelists.
3 .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...
4 .A client maintains perpetual inventory records in both quantities and dollars. If the assessed level of control risk is high, an auditor would probably:
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5 .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.
7 .An auditor's principal objective in analyzing repairs and maintenance expense accounts is to:
A Discover expenditures that were expensed but should have been capitalized. B Verify that all recorded plant and equipment assets actually exist. C Determine that all obsolete plant and equipment assets were written off before the year-end. D Identify plant and equipment assets that cannot be repai...
8 .An auditor most likely would extend substantive tests of payroll when:
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9 .In auditing long-term bonds payable, an auditor most likely would:
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10 .Which of the following procedures would an auditor ordinarily perform first in evaluating the reasonableness of management's accounting estimates?
A Obtain an understanding of how management developed its estimates. B Analyze historical data used in developing assumptions to determine whether the process is consistent. C Compare independent expectations with recorded estimates to assess management's process. D Review transactions occurring pri...
