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Author Question: Which audit procedure would be used to test for the existence balance-related audit objective? (Read 104 times)

Caileynorton

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on: Aug 21, 2022

Question 1

The auditor is reviewing the receivables listed on the aged trial balance for notes and related party receivables. Which balance-related audit objective is he trying to satisfy?
◦ detail tie-in
◦ existence
◦ classification
◦ All of these

Question 2

Which audit procedure would be used to test for the existence balance-related audit objective?
◦ Trace ten accounts from the aged trial balance to the accounts receivable master file.
◦ Confirm accounts receivable.
◦ Review large sales returns and allowances before and after the balance sheet date.
◦ Trace ten accounts from the trial balance to the accounts on the master file.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by Caileynorton on Aug 21, 2022

kaynelson17

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Reply #1 on: Aug 21, 2022
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Caileynorton

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Reply 2 on: Aug 21, 2022
Thanks for the timely response, appreciate it

T4T

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Reply 3 on: Yesterday
Wow, this really help

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