Question 1

What are the principal objectives in auditing trade receivables?

Accepted Answer

The principal objectives in auditing tra

Question 2

Prepayments are audited by vouching the balance to the supporting invoices.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following are substantive tests of payables balances that are always performed?

Accepted Answer

A) Test the cut-off by inspecting the payments ledger and supporting documents to determine that transactions are recorded in the period 
B) Perform a search for unrecorded liabilities 
C) Examine the client's bank reconciliations 
D) All of the above 
A) Test the cut-off by inspecting the payments ledger and supporting documents to determine that transactions are recorded in the period 
B) Perform a search for unrecorded liabilities 
C) Examine the client's bank reconciliations 
D) All of the above

What are the principal objectives in auditing trade receivables?

Prepayments are audited by vouching the balance to the supporting invoices.

Which of the following are substantive tests of payables balances that are always performed?

Introduction and Overview of Audit and Assurance

Ethics,legal Liability and Client Acceptance

Risk Assessment I

Risk Assessment II

Audit Evidence

Gaining an Understanding of the Clients System of Internal Controls

Sampling and Overview of the Risk Response Phase of the Audit

Execution of the Audit Testing of Controls

Execution of the Audit Performing Substantive Procedures

Substantive Testing and Income Statement Accounts

Completing and Reporting on the Audit

Filters

Exam 10: Substantive Testing and Balance Sheet Accounts

What are the principal objectives in auditing trade receivables?

Prepayments are audited by vouching the balance to the supporting invoices.

Which of the following are substantive tests of payables balances that are always performed?

Introduction and Overview of Audit and Assurance

Ethics,legal Liability and Client Acceptance

Risk Assessment I

Risk Assessment II

Audit Evidence

Gaining an Understanding of the Clients System of Internal Controls

Sampling and Overview of the Risk Response Phase of the Audit

Execution of the Audit Testing of Controls

Execution of the Audit Performing Substantive Procedures

Substantive Testing and Income Statement Accounts

Completing and Reporting on the Audit

Filters