Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Anthony works as an intern in a CPA firm. He is asked to perform various duties by his supervisor. The followings are five of the
Anthony works as an intern in a CPA firm. He is asked to perform various duties by his supervisor. The followings are five of the required audit tests. Anthony wants to know why he is doing them and what type evidence he is asked to collect. 1. Count the number of notes and coins in the client's cashier office in whose presence. 2. Inspect the cash disbursement package for evidence of authorization of payment. 3. Trace a sample of receiving reports to vendors' invoices and accounts payable subledger. 4. Take a sample of the sale invoices and trace the unit prices to the approved price list. 5. Read the minutes of the meeting of the board of directors for authorization of large transactions. Required: For each of the audit procedures, explain the audit objective and the type of audit evidence to be obtained
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