Chapter 8 Gleim Flashcards
the same employee should match vendor invoices with receiving reports and also
recompute calculations on vendor invoices
the authority to accept incoming goods in receiving should be based on an
approved purchase order
which control would prevent an invoice for purchase of merchandise to be paid twice?
the check signer reviews and cancels the voucher packets
which procedure would an auditor perform in searching for unrecorded liabilities?
vouch a sample of cash disbursements recorded just after year end to receiving reports and vendor invoices
which procedure would an auditor be least likely to perform before the balance sheet date?
confirmation of AP
in performing a search for unrecorded liabilities of fixed assets, an auditor would
inspect the property ledger then tour the client’s facilities
which audit procedure is least likely to detect an unrecorded liability?
analysis and recomputation of depreciation expense
an auditor analyzes repairs and maintenance accounts primarily to obtain evidence in support of the relevant assertion that all
expenditures for PPE have not been charged to expense
which substantive procedure would an auditor use to verify existence and accuracy, valuation, allocation about recorded AP?
vouch selected entries in the AP subledger to purchase orders and receiving reports
the most relevant assertion for accounts payable is
completeness