As one of the year-end audit procedures, the auditor instructed the client's personnel to prepare a confirmation request for a bank account that had been closed during the year. After the client's treasurer has signed the request, it was mailed by the assistant treasurer. What is the major flaw in this audit procedure? a. The confirmation request was signed by the treasurer. b. Sending the request was meaningless because the account was closed before the year end. c. The request was mailed by the assistant treasurer. d. The CPA did not sign the confirmation request before it was mailed.  Q: You are testing the controls over bank accounts for your audit client, Orleans Ltd. You note that… A: The process of reconciling the balances in an entity’s accounting records for cash account to the… Q: You are testing the controls over bank accounts for your audit client, Orleans Ltd. You note that… A: Bank Reconcilation: It is the process of reconcilation of an entity's bank account with its… Q: 1. During the preparation of a bank reconciliation, the assistant controller discovered that the… A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS “Since you have asked multiple questions, we will… Q: During a consulting engagement involving the development of a new accounts payable system, an… A: The auditor reviewing the disbursements process should do which of the following? Answer - Report… Q: During a consulting engagement involving the development of a new accounts payable system, an… A: Answer: The auditor reviewing the disbursements process should b. Report the control weakness to… Q: During the preparation of the bank reconciliation for Building Concepts Co., Joel Kimmel, the… A: Bank Reconciliation Statement is an account prepared to match the pass book prepared by bank and the… Q: RST Inc. completed its fiscal year on December 31. Near the end of the fiscal year, the company’s… A: Click to see the answer Q: When an auditor sends out bank confirmations at the year-end audit, they are performing a(n) O… A: Click to see the answer Q: Didrikson Rubin, the auditor of Red Barn Farm Equipment, was verifying cash payments to vendors for… A: Fraud: In an organization, a fraud is an intentional misrepresentation of facts in the accounting… Q: Didrikson Rubin, the auditor of Red Barn Farm Equipment, was verifying cash payments to vendors for… A: Given information is: Didrikson Rubin, the auditor of Red Barn Farm Equipment, was verifying cash… Q: Didrikson Rubin, the auditor of Red Barn Farm Equipment, was verifying cash payments to vendors for… A: Definition: Fraud: In an organization, a fraud is an intentional misrepresentation of facts in the… Q: Rodgers Industries Inc. completed its fiscal year on December 31. Near the end of the fiscal year,… A: Determine whether J has been ethical in behavior. Q: During the preparation of the bank reconciliation for Apache Grading Co., Sarah Ferrari, the… A: Integrity refers being honest and true and making right decisions; even if, such decision making is… Q: Rodgers Industries Inc. completed its fiscal year on December 31. Near the end of the fiscal year,… A: Click to see the answer Q: Rodgers Industries Inc. completed its fiscal year on December 31. Near the end of the fiscal year,… A: In this situation, Josh has not acted ethically. 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An order was never billed… A: Control Test of control FS assertion Pre-numbered shipping documents are accounted for to… Q: Which of the following is the best audit procedure for determining the existence of unrecorded… A: Click to see the answer Q: You are involved with the audit of Jelco Company for year 1 and have been asked to consider the… A: Auditing: Auditing is the process by which assertions made by management about financial… Q: Which of the following substantive procedures would auditors most likely perform toobtain evidence… A: Substantive Analytical Procedures: Substantive analytical procedures are a method of comparing the… Q: The manager of ABC SAOG is presently out of country for business purpose. The company has produced… A: External confirmation means confirming the balance from external parties. Q: The financial records of the Movitz Company show that R. 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You have recently… A: The following cases are evaluated for Smith & Co. firm. Q: When accounts receivable are confirmed at an interim date, auditors need not be concerned witha.… A: Step 1 Accounts receivable is frequently a vital asset so auditors required an extensive and… Q: An auditor obtains the audit client's accounts receivables balances for the year. The book value of… A: Auditing means the independent checking of company operation by outsider. Auditor is qualified and… Q: When auditing with “fraud awareness,” auditors should especially notice and follow up employee… A: Fraud: Fraud is the act of deliberately conduction false reporting of facts, acquiring funds or… Q: Which among the following types of audit evidence can be considered the most reliable? a. Verbal… A: Please see the next step for the solution Q: Which of the following is least indicative of fraudulent activity?a. Numerous cash refunds have been… A: Answer: Option C Q: he following are misstatements that might be found in the client’s year-end cash balance (assume… A: Click to see the answer Q: The internal auditors of Brown Electrical Company report to the controller. Due to changes made in… A: Review measures – the justification having the organization's fi nancial proclamations examined by… Q: You are an audit manager at Foyer & Associates and have been assigned to the audit of Modern… A: Auditors Risk It is the duty and responsibility of the auditor to indicate any sort of material… Q: For each of the following audit procedures, state which type of evidence-gathering technique is… A: As per our protocol we provide solution to the first three sub-parts only but you have asked… Q: An auditor discovered the following errors and irregularities while performing tests of controls:… A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of… Q: Post, CPA, accepted an engagement to audit the financial statements of General Co., a new client.… A: Answer 1: If Post finds that, owing to the presence of fraud, the financial statements of General… Q: Allison Everhart, an employee in accounts payable, believes she can run a fictitious invoice through… A: Fraud is the act of deliberately conducting false reporting of facts, to acquire funds or property… Q: Roland Company, a retail store, has utilized your services as independent auditor for several years.… A: Prior period items are those items which appear in the current year due to the error or omissions… Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? 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As one of the year-end audit procedures, the auditor instructed the clients personnel to prepare
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