9. Matching TypePORORIDCTIV Column 21. Auditor's reportColumn 1a. Independent auditingb. Protection of investors2. PICPA memberC. Encourage adherenced. Safeguard of assetsPromote operational efficiencyCheck reliability of accounting recordsg. Prof. Armando Bo, CPAh. Accountant of Jollibee, CPA3. ACPAE member4. ACPACI membere.5. ACPAPP memberf.6. Accounting control7. Administrative control8. Compliance auditing9. General audit10. Special audit11. Auditing guidelines12. Authoritative accounting supporti.COA Commissioner, CPAj. Roque & Roque, CPAk. Compilation of financial statemeñis1.Review of financial statementsm. Reliable financial statements13. Internal controln. Testing and sampling14. Audited financial statementso. PFRS15. SECp. PSAq. Detailed audit16. Service rendered by CPAS17. Auditing techniques18. Auditing procedures19. Internal auditingr.Test audits. Operational auditingBIR auditingt.20. None of these

Auditing is an important function for every organization. It will be undertaken by Certified Public…

Answered: 9. Matching Type Column 1 a.…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Completing A Quality Audit

Section: Chapter Questions

Problem 30RQSC

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{Auditing} 19. Choose the statement/s, which explains the concept of true and fair view. a. All the options b. Accuracy in the accounting transaction and records c. Financial statements are free from material misstatement d. Presentation of financial statements according to accounting standards framework
9. Which of the following terms refers to the comprehensive system for collecting, analyzing, and communicating financial information? a) Accounting b) Auditing 0030828 C) Bookkeeping d) O Controlling O Leave blank Close
The following (1 through 18) are the balance-related, transactionrelated, and presentation and disclosure-related audit objectives.Balance-Related Transaction-Related Presentation and DisAudit Objectives Audit Objectives closure Audit Objectives1. Existence 9. Occurrence 15. Occurrence and2. Completeness 10. Completeness rights3. Accuracy 11. Accuracy 16. Completeness4. Classification 12. Classification 17. Accuracy and5. Cutoff 13. Timing valuation6. Detail tie-in 14. Posting and 18. Classification and7. Realizable value summarization understandability8. Rights and obligationsIdentify the specific audit objective (1 through 18) that each of the following specific auditprocedures (a. through l.) satisfies in the audit of sales, accounts receivable, and cashreceipts for fiscal year ended December 31, 2013.a. Examine a sample of duplicate sales invoices to determine whether each one has ashipping document attached.b. Add all customer balances in the accounts receivable trial balance and…
FOR THE FOR THE FOLLOWING SPECIFIC TRANSACTION RELATED AUDIT OBJECTIVE IDENTIY THE APPROPRIATE MANAGEMENT ASSERTION FROM THE BELOW: SOME MAY BE USED MORE THAN ONCE OR NOT AT ALL(For reference see Power Point Table 6-3, 17 ed) 5 x 6 points =30 points MANGEMENT ASSERTION:1. OCCURENCE2. COJMPLETNESS3. ACCURACY4. CLASSIFICATION5. CUT OFF SPECIFIC TRANSACTION RELATED AUDIT OBJECTIVE 1. Recorded cash disbursements transactions are for the amount of goods and services received and are correctly recorded 2. Recorded cash disbursement transactions are for goods and services actually received. 3. Cash disbursement transactions are recorded on the correct dates 4. Existing cash disbursement transactions are recorded. 5. Cash disbursement transactions have been recorded in the proper accounts
{Auditing} 9. Materiality refers to the potential impact of the information on the user’s decision-making relating to the entity’s financial statements or report. From the options enunciated here under identify the external user of financial information. a. Shareholders b. Owners c. Creditors d. Board of Directors
Q#01: Discuss with example about auditor’s opinion and why they need financial information?
{Auditing} 25. _________________are tests involved in obtaining evidential matter on items included in an account balance or class of transactions. a. Test of Control b. Analytical procedures c. All the options d. Tests of details
7 Any of the parties listed below can be responsible for providing the financial information that will be audited by the auditor, except _______________ Question 7 options: a) Audit committee b) The customers c) Management d) The engaging part
Characteristics of internal accounting information includeall of the following except:a. It is audited by a CPA.b. It must be timely.c. It is oriented toward the future.d. It measures effi ciency and effectiveness.
Management Assertions and Audit Objectives. The following are management assertions (1 through 9) and audit objectives applied to the audit of accounts payable ((a) through (h)). Management Assertion: 1 Existence 2 Rights and obligations 3 Occurrence 4 Completeness 5 Valuation and allocation 6 Accuracy 7 Cutoff 8 Classification 9 Understandibility Specific Audit Objective: (a) Existing accounts payable are included in the accounts payable balance on the balance sheet date. (b) Accounts payable are recorded in the proper account. (c) Acquisition transactions in the acquisition and payment cycle are recorded in the proper period. (d) Accounts payable representing the accounts payable balance on the balance sheet date agree with related subsidiary ledger amounts, and the total is correctly added and agrees with the general ledger. (e) Accounts in the acquisition and payment cycle are properly disclosed according to IASs. (f) Accounts payable representing the…
Q.Benefits of planning in the audit of financial statements are: 1. to develop appropriate attention to important areas of the audit. 2. To identify and resolve potential problems on a timely basis. 3. Assisting in the selection of engagement team members with appropriate level of capabilities. a- 2 only b- 1,2, and 3 only c- 1 only d- 2 and 3 only
For each of the descriptions 1-6, match the correct word or phrase from A-H.A. Inspections of tangible assetsB. ConfirmationC. TracingD. VouchingE. InquiryF. External-internal evidenceG. Audit planH. Substantive procedures___ 1. Documentation prepared by independent parties and sent to the client.___ 2. Proceeding forward through the accounting and control system from the evidence to the financial statements.___ 3. Audit of details of transactions and balances.___ 4. Audit procedure that provides compelling evidence of existence.___ 5. Direct correspondence with independent parties.___ 6. A list of audit procedures.

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