ANSAsgns8Word文件下载.docx
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3)Correct.Nobodyinthecompanyhasaccesstocash,thereforeitcannotbestolen.
4)Incorrect.Thisdoesnotaddresstheconcernovercashreceipts.
b.1)
1)Correct.Improprietyofwriteoffscanbecontrolledbythereviewandapprovalbysomeoneoutsidethecreditdepartment.
2)Incorrect.Thisproceduredoesnotensurethatthewriteoffhasbeenauthorized.
3)Incorrect.Thecashierwhoperformsthecustodyfunctionshouldnotalsobeallowedtoauthorizewriteoffs(authorizationfunction).
4)Incorrect.Thecreditdepartmentshouldbedeterminingwriteoffs.See1)above.
c.4)
1)Incorrect.Thisprocedureestablishessupportfortherecordedamounts,notforthesalesinvoicesthemselves.
2)Incorrect.Thatallsaleshavebeenrecorded(completeness)mustbetestedbytracingfromsupportingdocumentstorecordedamounts,notfromrecordedamountstosupportingdocuments.
3)Incorrect.Theintentoftheprocedureistoestablishexistence/validityofrecordedamounts,notproperposting.
4)Correct.Thedirectionofthetestestablishessupportforrecordedamounts.
d.4)
1)Incorrect.Debitingwriteoffstoarevenue(creditbalance)accountwouldbeeasilydetected.
2)Incorrect.Pettycashwouldnotreconcile.
3)Incorrect.Sincemiscellaneousexpenseisusuallyanalyzedduringanaudit,thewriteoffswouldbeeasilydetected.
4)Correct.Abookkeepercouldstealmoneyand“writeoff”theunsuspectingcustomer’sbalancewithafictitious“salesreturn.”
e.3)
1)Incorrect.Theyear-endagedtrialbalanceisreviewedaspartofsubstantiveworkforassessingtheallowancefordoubtfulaccounts.
2)Incorrect.See1)above.
3)Correct.Theageofaccountsisanindicationofcreditlosses.
4)Incorrect.Ageingisusedtoassessvaluation,notexistence.
f.3)
1)Incorrect.Itisthetiming(dates)andthecompositionofthedepositsthatisimportant.
2)Incorrect.Subsequentbankstatementsshouldbereviewedbutascheduleoftransfersneedstobeprepared.
3)Correct.Kitinginvolvesamismatchingofdatesofrecordingaroundyearend,andthescheduleofbanktransfersisdesignedtoshowalltherelevantdatessotheauditorcanseethattheentriesareintheproperperiods.
4)Incorrect.Theauditorshouldprepareascheduleofbanktransfers,notthebankreconciliation.
g.3)
1)Incorrect.Prenumberingaidsincheckingcompleteness,notaccuracy.
2)Incorrect.Notingthenumbersonprenumbereddocumentscanassistincheckingcutoff,butduringtheyear,prenumberingassistsincheckingcompletenessoftransactions.
3)Correct.Checkingthesequenceformissingnumbersidentifiesdocumentsnotyetfullyprocessedintherevenuecycle.
4)Incorrect.Prenumberinghelpslocatedocumentsassociatedwitharecordedtransactionbutitdoesnotensurethetransactionisvalid.
h.1)
1)Correct.Theaccountsreceivabledebitsaresupposedtorepresentsalesthathavebeenorderedbycustomersandactuallyshippedtothem.
2)Incorrect.Writeoffrecordsprovideinformationonvaluation.
3)Incorrect.Paymentswillsupportthecreditsinaccountsreceivable.
4)Incorrect.Creditreportsmayprovideevidenceonwhethersalesshouldbeapproved,andonthecollectibilityofaccountbalances.
i.2)
1)Incorrect.Ifthetendencyistooverstateassets,theauditemphasisofcashandaccountsreceivableshouldbeonexistence.
2)Correct.Theexistenceassertionisveryimportantbecausethecompanyassertsthecashandaccountsreceivableexist.
3)Incorrect.Theobligationassertionrelatestoliabilities.Theprimaryemphasisforassetsisusuallyontheexistenceassertion.
4)Incorrect.Presentationanddisclosureassertionisthesecondbestchoiceamongtheonesofferedinthequestion.
j.3)
1)Incorrect.Thiswouldbeaconsiderationifconfirmationsweresentoutataninterimdate.
3)Correct.Theotherthreechoiceslistedareappropriateworktodo.Also,automaticsendingof100%negativeconfirmationsignoresthejudgmentindecidingthenature,timing,andextentoftheworkneeded.
4)Incorrect.See1)above.
k.2)
1)Incorrect.Thisprovidesgoodcontrolbutitwoulddependonwhatthedutiesoftheofficerare.Requiringtwoauthorizedsignaturesonchequesisideal.
2)Correct.Afinalreviewbythetreasurercancatchmistakesmadeinpriorprocessing.
3)Incorrect.Controllingthechequesissueddoesnotensuretheyarepayingfordisbursementsthatareproper.
4)Incorrect.Invoicesshouldbestampedpaid,butcancelledchequesarestampedbythebankwhencashed,socancellingthemagainispointless.
l.1)
1)Correct.Thecompletenessassertionisveryimportantintheauditofliabilities.
2)Incorrect.Theprimaryconcernisthatliabilitiesarecompletelyrecorded,notwhethertheywereauthorized.
3)Incorrect.Theprimaryconcernisthatliabilitiesarecompletelyrecorded,notwhetherthepurchasesweremadefromthesamevendor.
4)Incorrect.Theauditorisprimarilyconcernedthatallliabilitiesarerecorded,notwhetherthepurchasesweremadeinaccordancewithcompetitivebiddingpolicies.
m.4)
1)Incorrect.Preparingvouchers(recordkeeping)andsigningcheques(authorization)shouldbeseparatefunctions.
2)Incorrect.Thisisavalidcontrolbutitdoesnotguaranteeadisbursementvoucherwillnotbepaidtwiceunlessthevouchershavebeenmarkedpaid.
3)Incorrect.Thedatesarenotreallyrelevantforpreventingdoublepayments.
4)Correct.Cancellation(stamping“paid”)ofvoucherspreventstheiruseasecondtime.
n.2)
1)Incorrect.Sendingconfirmationstocreditorswithbalancesowingatyearendwillnotrevealunrecordedliabilitiestocreditorswhosenamesarenotonthelist.
2)Correct.Auditorsmaybeabletodeterminethatcashdisbursementsinthesubsequentperiodarepayingliabilitiesoftheperiodunderaudit.
3)Incorrect.Thisprocedureismoreatestofcompletenessandcutoffofrecordedliabilitiesbecauseyouareexaminingfromsupportingdocuments.Onereasontheliabilitiesmaybeunrecordedisthatsupplierinvoiceshavebeenmisplacedorwereneverreceived.
4)Incorrect.Theremaybenodirectrelationshipbetweenpurchasesandthebalanceinpayables.
o.3)
1)Incorrect.Vendorsmayinvoicebeforeoraftertheyhaveshippedthemerchandise;
therefore,thereceivingreportisthestrongestevidenceofwhengoodshavebeenreceived.
2)Incorrect.Thegoodsorderedmaynothavebeenreceived;
thereforereceivingreportsarethebestevidenceofwhatgoodshavebeenreceived.
3)Correct.Thereceivingreportsarethepopulationthatcontainstherecordofallgoodsreceivedforwhichliabilitiesshouldberecorded.
4)Incorrect.Unrecordedmerchandiseandpayableswilllikelynothavebeenpaidfor,soexaminingcancelledchequesisinappropriate.
Question2(8marks)
(2marksfordefinition,1markeachforalternativeproceduresand2marksforexplanationofextentandnatureofalternateprocedures)
“Alternativeprocedures”inthecontextofpositiveconfirmationsforaccounts
receivableisatermusedtodescribetheproceduresanauditoruseswhenheorsheisunabletoobtainresponsesfromcustomerstorequestsforinformation(includingsecondandthirdrequests)orwhenthepersonrespondingdoesnotagreewiththeconfirmation.Theprimaryobjectiveofthealternativeproceduresistodeterminebyameansotherthanconfirmationwhethertheaccountsreceivableaccountexisted.Secondaryobjectivesofalternateproceduresmaybetodiscovererrorsincompletenessorvaluationattheconfirmationdate.Foranyconfirmationnotreturned,thefollowingdocumentationcanbeexaminedtoverifytheexistenceandvaluationofindividualsalestransactionsmakinguptheendingbalanceinaccountsreceivable:
1.Subsequentcashreceipts.Evidenceofthereceiptofcashsubsequenttotheconfirmationdateisgainedbyexaminingremittanceadvices,entriesinthecashreceiptsrecords,orperhapsevensubsequentcreditsintheaccountsreceivablesubsidiaryrecords.Theexaminationofevidenceofsubsequentcashreceiptsisahighlyusefulalternativeprocedurebecauseitisreasonabletoassumethatacustomerwouldnotmakeapaymentunlessitwasavalidreceivable.Ontheotherhand,thefactofpaymentdoesnotestablishthattherewasanobligation(existence)onthedateoftheconfirmation.Inaddition,careshouldbeusedtomatcheachunpaidsalestransactionwithevidenceofitspaymentasatestforvaluation,andtorevealdisputesordisagreementsoverindividualoutstandinginvoices.
2.Duplicatesalesinvoices.Vouchingtoinvoicesisusefultoverifytheactualissuance(existence/occurrence)ofasalesinvoiceandtheactualdateofthebilling.
3.Shippingdocuments.Vouchingtoshippingdocumentshelpsestablishwhethertheshipmentwasactuallymade(existence)andasatestofcutoff.
4.Correspondencewiththeclient.Usuallyitisunnecessarytoreviewcorrespondenceasapartofalternativeprocedures,butitcanbedonetotestvaluationbyrevealingdisputedandquestionablereceivablesnotuncoveredbyothermeans.
Theextentandnatureofthealternativeproceduresdependsprimarilyuponthematerialityoftheunconfirmedaccounts,thenatureandextentoftheerrorsdiscoveredintheconfirmedresponses,thesubsequentcashreceiptsreceivedontheunconfirm
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