Exam 7: Audit Evidence

Below are 12 audit procedures. Classify each procedure according to the following types of audit evidence: (1) physical examination, (2) confirmation, (3) documentation, (4) observation, (5) inquiry of the client, (6) reperformance, and (7) analytical procedure.

(Essay)

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Question 161

The relevance of audit evidence depends on the audit objective being tested.

(True/False)

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Question 162

Define the following terms commonly used in audit procedures. 1. examine 2. scan 3. compute 4. foot 5. compare 6. count 7. vouch

(Essay)

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Question 163

Auditors use evidence to help them draw conclusions.

(True/False)

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Question 164

The SEC requires the auditors of public companies to retain e-mail correspondence related to the audit.

(True/False)

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Question 165

Indicate whether confirmation of accounts receivable and accounts payable, provided they each are significant accounts, is required or optional.

(Multiple Choice)

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Question 166

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Below are 12 audit procedures. Classify each procedure according to the following types of audit evidence: (1) physical examination, (2) confirmation, (3) documentation, (4) observation, (5) inquiry of the client, (6) reperformance, and (7) analytical procedure.

The relevance of audit evidence depends on the audit objective being tested.

Define the following terms commonly used in audit procedures. 1. examine 2. scan 3. compute 4. foot 5. compare 6. count 7. vouch

Auditors use evidence to help them draw conclusions.

The SEC requires the auditors of public companies to retain e-mail correspondence related to the audit.

Indicate whether confirmation of accounts receivable and accounts payable, provided they each are significant accounts, is required or optional.

The Demand for Audit and Other Assurance Services

The CPA Profession

Audit Reports

Professional Ethics

Legal Liability

Audit Responsibilities and Objectives

Audit Planning and Materiality

Assessing the Risk of Material Misstatement

Fraud Auditing

Internal Control and Coso Framework

Assessing Control Risk and Reporting on Internal Controls

Overall Audit Strategy and Audit Program

Audit of the Sales and Collection Cycle: Tests of Controls

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details of Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts

Audit of the Payroll and Personnel Cycle

Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash and Financial Instruments

Completing the Audit

Other Assurance Services

Internal and Governmental Financial Auditing and Operational Auditing

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