Below are five audit procedures, all of which are tests of transactions associated with the audit of the acquisition and payment cycle. Also, below are the six general transaction-related audit objectives and the five management assertions. For each audit procedure, indicate (1) its audit objective, and (2) the management assertion being tested.
Audit Objectives
A. occurrence
B. completeness
C. accuracy
D. posting and summarization
E. classification
F. timing | Assertions
V. occurrence
W. completeness
X. accuracy
Y. classification
Z. cutoff
|
1. Foot the purchases journal and trace the totals to the related general ledger accounts.
(1) ________
(2) ________
2. Recompute the cash discounts taken by the client.
(1) ________
(2) ________
3. Compare dates on cancelled checks with the bank cancellation date.
(1) ________
(2) ________
4. Trace from a sample of cancelled checks to the cash disbursements journal.
(1) ________
(2) ________
5. Examine supporting documentation for a sample of transactions for authorized payee and amount and to determine services or goods were received.
(1) ________
(2) ________
Time Estimates for Specific Office Procedures
Contents of Office Policies and Procedures Manual
Laboratory and Diagnostic Tests
Procedures for Diagnostic Tests Related to the Digestive System
Vacuum Tests: Steady Fluctuating Vacuum
Projective Tests