Auditing

The following are various audit procedures performed to satisfy specific transaction-related audit objectives as discussed in Chapter 6. The general transaction-related audit objectives from Chapter 6 are also included.

(Objective 7-4) The following are various audit procedures performed to satisfy specific transaction-related audit objectives as discussed in Chapter 6. The general transaction-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 deposited 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. General Transaction-Related Audit Objectives Occurrence Posting and summarization Completeness Classification Accuracy Timing a. Identify the type of audit evidence used for each audit procedure. b. Identify the general transaction-related audit objective or objectives satisfied by each audit procedure. Objective 7-4 Identify and apply the eight types of evidence used in auditing