Asked by nastas900 on coursehero.com Choose the best answer from the choices provided. Indicate your answer with the letter of each question followed by the number. Only one answer per question will be graded. (2 marks each) a. How does the timing of an audit procedure affect the audit evidence? 1) The correct timing of an audit procedure provides evidence that is conclusive rather than just persuasive. 2) Evidence that is not
obtained at the fiscal year end is not as reliable. 3) Timing affects the appropriateness of the evidence. 4) Timing affects the sufficiency of the evidence. b. Which of the following would be considered the most reliable evidence? 1) A vendor's invoice, on which the client's accounting staff has noted the cheque and purchase order numbers 2) A receiving report prepared and signed by the client's manager of receiving 3) The
auditor's physical observation of an inventory item 4) Interview evidence obtained by the auditor during an interview with the chief executive officer (CEO) of the client c. Which of the following is false concerning confirmations as an evidence gathering technique? 1) The confirmation should be printed on the audit firm's letterhead and returned directly to the auditor. 2) The request should only seek information that the recipient can supply. 3) The auditor should verify the recipient's address. 4) The confirmations should not be given to the client for mailing. d. While conducting analytical procedures during the planning stage of the audit, comparing the audit year to previous years, an auditor found that both accounts receivable and days' sales in receivables had increased. Given this evidence, which management assertion would the auditor most likely be concerned with? 1) Existence 2) Valuation 3) Completeness 4) Ownership e. Which internal control objective is being tested by the following question on an internal control questionnaire: Are material requisitions reviewed by the production manager after the supervisor prepares them? 1) Validity 2) Classification 3) Accounting 4) Completeness f. What type of evidence is obtained from the answers to checklists and preformatted internal control questionnaires? 1) External-Internal evidence 2) Verbal evidence 3) Observation evidence 4) Auditor's personal knowledge g. Which of the following statements is true concerning the management letter? 1) It is issued by management at the end of the audit. 2) It is issued by management prior to the start of the audit. 3) It is issued by the auditor at the end of the audit. 4) It is issued by the auditor prior to the start of the audit procedures. h. CAS requires that analytical procedures applicable in the circumstances are required at which times during an audit? 1) At the risk assessment phase only 2) At risk assessment, risk response & reporting phases 3) At the reporting phase only 4) At the risk response phase only i. When would it be appropriate for an auditor to consider using negative confirmations for receivables, instead of positive confirmations? 1) When inherent risk and control risk are low 2) When individual balances are large 3) When accounts are in dispute 4) When the client requests the auditor to use this method j. Which of the following would be considered to be an application control in an information system? 1) Controls over system software acquisition 2) Controls pertaining to system access security 3) Controls pertaining to the follow-up of exception reports 4) Controls pertaining to application systems maintenance k. Which of the following types of evidence would an auditor consider to be the least reliable for an external audit? 1) Representations from the CEO of the audit client 2) A sales invoice prepared by the client 3) A sales invoice prepared by a vendor to the client 4) A bank confirmation form signed by the client's bank l. Which management assertion is the auditor most likely testing by recalculating the interest expense from paid notes payable? 1) Validity of notes payable 2) Accuracy of interest expense 3) Classification of notes payable 4) Classification of interest expense Answered by Itsme01234 on coursehero.com um dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus  Unlock access to
this and over Have an account? Log In Step-by-step explanationum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie conse Which is the most reliable source of audit evidence?Audit evidence is more reliable when it exists in documentary form, whether paper, electronic, or other medium (for example, a contempo- raneously written record of a meeting is more reliable than a subse- quent oral representation of the matters discussed). audit evidence provided by photocopies or facsimiles.
Which one of the following types of evidence is the most reliable?Physical evidence is generally much more reliable than testimonial evidence.
What is the best audit evidence?Examples of auditing evidence include bank accounts, management accounts, payrolls, bank statements, invoices, and receipts. Good auditing evidence should be sufficient, reliable, provided from an appropriate source, and relevant to the audit at hand.
Which of the following audit procedures is most reliable?According to this article from Chron, physical inspection, confirmation from a third party, and inspection of records and documents are considered three of the most reliable audit procedures.
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