Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

arry and Emily, two senior audit managers assigned to the same client are discussing vouching procedures. Harry, a newer and less uperienced auditor is trying

image text in transcribed arry and Emily, two senior audit managers assigned to the same client are discussing vouching procedures. Harry, a newer and less uperienced auditor is trying to understand exactly what vouching is, and what it entails. Emily has explained to Harry that for the ient they are preparing to audit, vouching will be a common procedure. Emily explains to Harry that the best way for him to nderstand the procedure is by way of an example. Which of the following choices best describes the example of vouching Emily ould use? Vouching can be used to audit the occurrence of an accounts receivable balance and the existence of the purchase transaction that preceded it. Vouching is typically used to confirm balances in quantitative documents such as spreadsheets, and represents a way of ensuring the mathematical accuracy of such documents. Vouching can be used to audit the existence of an accounts receivable balance and the occurrence of the revenue transaction or transactions that preceded it. Vouching can be used to corroborate the existence of an accounts payable balance with the revenue transaction or transactions that preceded it. arry and Emily, two senior audit managers assigned to the same client are discussing vouching procedures. Harry, a newer and less uperienced auditor is trying to understand exactly what vouching is, and what it entails. Emily has explained to Harry that for the ient they are preparing to audit, vouching will be a common procedure. Emily explains to Harry that the best way for him to nderstand the procedure is by way of an example. Which of the following choices best describes the example of vouching Emily ould use? Vouching can be used to audit the occurrence of an accounts receivable balance and the existence of the purchase transaction that preceded it. Vouching is typically used to confirm balances in quantitative documents such as spreadsheets, and represents a way of ensuring the mathematical accuracy of such documents. Vouching can be used to audit the existence of an accounts receivable balance and the occurrence of the revenue transaction or transactions that preceded it. Vouching can be used to corroborate the existence of an accounts payable balance with the revenue transaction or transactions that preceded it

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ISE Introductory Financial Accounting For Business

Authors: Thomas P. Edmonds, Christopher Edmonds

2nd Edition

1260575306, 9781260575309

More Books

Students also viewed these Accounting questions

Question

What do you think accounts for the fact that turnover is low?

Answered: 1 week ago