Multiple Choice
Which of the following procedures for detecting unrecorded transactions at the client's December 31 year-end is least likely to result in discovery of an unrecorded year-end account payable?
A) Examination of invoices received after year-end.
B) Examination of vouchers payable entered in the January voucher register.
C) Examination of January receiving reports prepared for goods shipped FOB destination in December to the client.
D) Confirmation of year-end accounts payable.
Correct Answer:
Verified
Correct Answer:
Verified
Q20: When an auditor finds a debit to
Q21: The accounts payable department receives the purchase
Q22: Which statement is correct with respect to
Q23: An internal control narrative indicates that an
Q24: To avoid potential errors and fraud a
Q26: The confirmation of existing accounts payable proves
Q27: The auditors' search for unrecorded liabilities is
Q28: It is less important to maintain effective
Q29: Accounts payable generally present the auditors with
Q30: Internal control over accounts payable is improved