Exam 10: Substantive Testing and Balance Sheet Accounts

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Theresa Bamboukian started her sales process audit and was accounting for the numerical sequence of sales invoices, sales orders and shipping documents. In addition she performed a reconciliation of billings with shipping documents. Which assertions was she fulfilling?

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Lynn Kevorkian was not sure which customers of her client to send confirmations. Who should she send confirmations to?

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When Costa Zimbalist observes the inventory count at a client to establish that the client's personnel are complying with inventory count instructions, which assertions are in play?

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Which of the following is a substantive test of the trade receivables balance that is always performed?

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What are the key assertions for payables?

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When performing substantive procedures, the key objective is to determine whether:

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Can you help Rosa Chaput determine why there is some effort put into testing cash when the cash account is not material?

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The two key assertions for inventory are completeness and rights and obligations.

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Martin Bellefeuille was asked by his audit manager to perform an evaluation of the operating effectiveness of controls in preventing material misstatements at the assertion level. In complying with the request, what did he do?

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When Silvana Mathews reviewed the physical inventory compilation she performed a procedure that included tracing the cut-off information obtained during the physical inventory observation to the accounting records of sales and purchases. Which assertion did this procedure satisfy?

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Physically sighting fixed assets enables the auditor to test the rights and obligations assertion.

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Provisions can be easily audited by controls testing alone.

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George Malinowski was trying to check whether the receivables of Cosentino Distributors were being carried at their net realizable value. His objective was to fulfill which assertion?

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When substantive tests performed identify errors or exceptions, the first response is to:

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Auditors usually test for the existence of property, plant and equipment by:

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Explain how substantive testing is used for prepayments, investments and intercompany balances.

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Which of the following account balances are typically audited fully or substantially with limited or no controls testing?

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Which of the following is not an example of a substantive test of cash payments transactions?

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Discuss the specific issues that auditors should consider when designing substantive procedures.

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Accounting for the numerical sequence of cheques issued during a specific period is a substantive test relating to the purchases process.

(True/False)
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