Question 1

After the supplier master file data has been entered, to best improve internal controls the

Accepted Answer

A)  supplier master file data should be matched to the accounts payable files. 
B)  transaction file detail should be matched to the supplier master file. 
C)  data entry should be independently verified. 
D)  accounting department should file the new supplier authorization form sequentially. 
A)  supplier master file data should be matched to the accounts payable files. 
B)  transaction file detail should be matched to the supplier master file. 
C)  data entry should be independently verified. 
D)  accounting department should file the new supplier authorization form sequentially.

Question 2

The internal control that requires receiving reports to be prenumbered and accounted for satisfies the objective of

Accepted Answer

A)  occurrence. 
B)  classification. 
C)  completeness. 
D)  accuracy. 
A)  occurrence. 
B)  classification. 
C)  completeness. 
D)  accuracy.

Question 3

An auditor learns that his client has paid a vendor twice for the same shipment, once based upon the original invoice and once based upon the monthly statement. A control procedure that should have prevented this duplicate payment is

Accepted Answer

A)  attachment of the receiving report to the invoice only. 
B)  prenumbering of disbursement vouchers. 
C)  use of a limit or reasonableness test. 
D)  prenumbering of receiving reports. 
A)  attachment of the receiving report to the invoice only. 
B)  prenumbering of disbursement vouchers. 
C)  use of a limit or reasonableness test. 
D)  prenumbering of receiving reports.

Question 4

The internal control objective to determine that "existing acquisition transactions are recorded" describes the objective of

Accepted Answer

A)  occurrence. 
B)  classification. 
C)  completeness. 
D)  accuracy. 
A)  occurrence. 
B)  classification. 
C)  completeness. 
D)  accuracy.

After the supplier master file data has been entered, to best improve internal controls the

The internal control that requires receiving reports to be prenumbered and accounted for satisfies the objective of

An auditor learns that his client has paid a vendor twice for the same shipment, once based upon the original invoice and once based upon the monthly statement. A control procedure that should have prevented this duplicate payment is

The internal control objective to determine that "existing acquisition transactions are recorded" describes the objective of

The Demand for Audit and Other Assurance Services

The Public Accounting Profession and Audit Quality

Legal Liability

Professional Judgment and Ethics

Audit Responsibilities and Objectives

Client Acceptance and Planning the Audit

Materiality and Risk

Internal Controls and Control Risk

Audit Evidence

Audit Strategy and Audit Program

Audit Sampling Concepts

Audit of the Revenue Cycle

Audit of the Inventory and Distribution Cycle

Audit of the Human Resources and Payroll Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash Balances

Completing the Audit

Audit Reports on Financial Statements

Other Assurance and Nonassurance Services

Filters

Exam 13: Audit of the Acquisition and Payment Cycle

After the supplier master file data has been entered, to best improve internal controls the

The internal control that requires receiving reports to be prenumbered and accounted for satisfies the objective of

An auditor learns that his client has paid a vendor twice for the same shipment, once based upon the original invoice and once based upon the monthly statement. A control procedure that should have prevented this duplicate payment is

The internal control objective to determine that "existing acquisition transactions are recorded" describes the objective of

The Demand for Audit and Other Assurance Services

The Public Accounting Profession and Audit Quality

Legal Liability

Professional Judgment and Ethics

Audit Responsibilities and Objectives

Client Acceptance and Planning the Audit

Materiality and Risk

Internal Controls and Control Risk

Audit Evidence

Audit Strategy and Audit Program

Audit Sampling Concepts

Audit of the Revenue Cycle

Audit of the Inventory and Distribution Cycle

Audit of the Human Resources and Payroll Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash Balances

Completing the Audit

Audit Reports on Financial Statements

Other Assurance and Nonassurance Services

Filters