Question
1. In testing controls over cash disbursements, an auditor most likely would determine that the person who signs the check also: Group of answer choices
1. In testing controls over cash disbursements, an auditor most likely would determine that the person who signs the check also:
Group of answer choices
Is denied access to the supporting documents.
Approves the voucher for payment.
Stamps, perforates or otherwise cancels supporting documents.
Returns the checks to accounts payable.
2.
After making inquiries about credit granting policies, an auditor selects a sample of sales transactions and examines evidence of credit approval. This test of controls most likely supports management's financial statement assertion(s) of:
Rights and obligations | Allocation and valuation | |
---|---|---|
I | Yes | Yes |
II | Yes | No |
III | No | Yes |
IV | No | No |
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