From which one of the following evidence-gathering audit procedures would an auditor obtain most...

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From which one of the following evidence-gathering audit procedures would an auditor obtain most assurance concerning the existence of inventories? Select one: a. Observation of physical inventory counts. b. Auditor’s re-computation of inventory extensions. c. Confirmation of inventories in a public warehouse d. Written inventory representations from management. 2) When designing audit procedures, the direction of tests is a crucial http://moodle.aih.nsw.edu.au/mod/quiz/attempt.php?attempt=134&page=1step in satisfying the: Select one: a. Valuation objective. b.
	
Document Preview: 1)From which one of the following evidence-gathering audit procedures would an auditor obtain most assurance concerning the existence of inventories?Select one:a. Observation of physical inventory counts. b. Auditor’s re-computation of inventory extensions. c. Confirmation of inventories in a public warehouse d. Written inventory representations from management. 2) When designing audit procedures, the direction of tests is a crucial  HYPERLINK "http://moodle.aih.nsw.edu.au/mod/quiz/attempt.php?attempt=134&page=1" \o "Click to Continue > by CouponDropDown" step in satisfying the:Select one:a. Valuation objective. b. Completeness objective. c. Classification objective. d. Cutoff objective. 3) Which of the following procedures would an auditor most likely perform in searching for unrecorded payables?Select one:a. Vouch a sample of creditor balances to supporting invoices, receiving reports, and purchase orders. b. Compare the ratio of accounts payable to purchases with the prior year’s ratio. c. Compare cash payments occurring after the balance sheet date with the list of creditors at year-end. d. Reconcile receiving reports with related cash payments made just prior to year-end. 4) A common test is to account for a sequence of various types of  HYPERLINK "http://moodle.aih.nsw.edu.au/mod/quiz/attempt.php?attempt=134&page=3" \o "Click to Continue > by CouponDropDown" documents, such as duplicate sales invoices selected from the sales journal, watching for omitted and duplicate numbers or invoices outside the normal sequence. This test provides evidence of:Select one:a. Existence. b. Completeness. c. Neither completeness or existence. d. Both completeness and existence. 5) The statement that best expresses the auditor's responsibility with respect to events occurring between the balance  HYPERLINK "http://moodle.aih.nsw.edu.au/mod/quiz/attempt.php?attempt=134&page=4" \o "Click to Continue > by CouponDropDown" sheet date and the...

Robert · Accepted Answer

1) 
From which one of the following evidence-gathering audit procedures would an auditor obtain 
most assurance concerning the existence of inventories? 
Select one: 
a. Observation of physical inventory counts.  
b. Auditor’s re-computation of inventory extensions.  
c. Confirmation of inventories in a public warehouse  
d. Written inventory representations from management.
2) When designing audit procedures, the direction of tests is a crucial step in satisfying the: 
Select one: 
a. Valuation objective.  
b. Completeness objective.  
c. Classification objective.  
d. Cutoff objective.  
 
3) Which of the following procedures would an auditor most likely perform in searching for 
unrecorded payables? 
Select one: 
a. Vouch a sample of creditor balances to supporting invoices, receiving reports, and 
purchase orders.  
b. Compare the ratio of accounts payable to purchases with the prior year’s ratio.  
c. Compare cash payments occurring after the balance sheet date with the list of creditors at 
year-end.  
d. Reconcile receiving reports with related cash payments made just prior to year-end.  
 
4) A common test is to account for a sequence of various types of documents, such as duplicate 
sales invoices selected from the sales journal, watching for omitted and duplicate numbers or 
invoices outside the normal sequence. This test provides evidence of: 
Select one:
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From which one of the following evidence-gathering audit procedures would an auditor obtain most assurance concerning the existence of inventories? Select one: a. Observation of physical inventory...

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