Author Question: In connection with a review of the prepaid insurance account, which of the following audit ... (Read 62 times)

Apple716 · **on:** Aug 21, 2022

Question 1

Controls over the acquisition and recording of insurance are a part of which of the following transaction cycles?
◦ inventory and warehousing cycle
◦ capitalization cycle
◦ treasury cycle
◦ acquisition and payment cycle

Question 2

In connection with a review of the prepaid insurance account, which of the following audit procedures would you be least likely to use?
◦ Recompute the portion of the premium that expired during the year.
◦ Prepare excerpts of insurance policies for audit working papers.
◦ Confirm premium rates with an independent insurance broker.
◦ Examine support for premium payments.

ludadtpb · **Reply #1 on:** Aug 21, 2022

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