Answered step by step
Verified Expert Solution
Question
1 Approved Answer
7-27 (OBJECTIVE 7-4) The following are various audit procedures performed to satisfy specific transaction-related audit objectives as discussed in Chapter 6. The general trans- action-related
7-27 (OBJECTIVE 7-4) The following are various audit procedures performed to satisfy specific transaction-related audit objectives as discussed in Chapter 6. The general trans- action-related audit objectives from Chapter 6 are also included. Audit Procedures 1. Trace from receiving reports to vendors' invoices and entries in the acquisitions journal. 2. Add the sales journal for the month of July and trace amounts to the general ledger. 3. Examine expense voucher packages and related vendors' invoices for approval of expense account classification. 4. Observe opening of cash receipts to determine that cash receipts are promptly de posited and recorded. 5. Ask the accounts payable clerk about procedures for verifying prices, quantities, and extensions on vendors' invoices. 6. Vouch entries in sales journal to sales invoices and related shipping documents. eneral Transaction-Related Audit Objectives Occurrence Posting and summarization Completeness Classification Accuracy Timing Identify the type of audit evidence used for each audit procedure. Identify the general transaction-related audit objective or objectives satisfied by each audit procedure
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started