Bookmarks Log in to Blackboar.. LASC-Forms M McGraw-Hill Connect www.calsta Required: List eight different types of procedures auditors can use during an audit of financial statements and give an example of each Identify the type of procedure used by auditors for each of the following examples. (Click to select) (Click to select) (Click to select) (1) Find brokers' invoices and canceled checks showing agreement with record amounts for securities investments. Observe test counting of client's physical inventory taking. Select a sample of shipping documents and trace them to sales invoices, sales journal recording, and posting to general ledger. Ask client personnel about accounting events. Study financial information in relation to nonfinancial information (6) Scan expense accounts for credit entries (7) Compare financial information with that of prior periods. (8) Obtain written client representation letter Scan payroll check lists for unusually large checks. (10) Complete an internal control questionnaire. (11) Obtain client's lawyer's letter. (12) Study predictable financial information patterns (e.g., ratio analysis). (13) Analyze valuation of receivables by re-aging them by due date. (14) Obtain accounts receivable confirmations. (15) Compare financial information with budgets and forecasts. (16) Verify existence of fixed assets by locating them. (17) Compare financial information to industry statistics (18) Recompute the client's calculation of depreciation expense (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) References eBook & Resources Bookmarks Log in to Blackboar.. LASC-Forms M McGraw-Hill Connect www.calsta Required: List eight different types of procedures auditors can use during an audit of financial statements and give an example of each Identify the type of procedure used by auditors for each of the following examples. (Click to select) (Click to select) (Click to select) (1) Find brokers' invoices and canceled checks showing agreement with record amounts for securities investments. Observe test counting of client's physical inventory taking. Select a sample of shipping documents and trace them to sales invoices, sales journal recording, and posting to general ledger. Ask client personnel about accounting events. Study financial information in relation to nonfinancial information (6) Scan expense accounts for credit entries (7) Compare financial information with that of prior periods. (8) Obtain written client representation letter Scan payroll check lists for unusually large checks. (10) Complete an internal control questionnaire. (11) Obtain client's lawyer's letter. (12) Study predictable financial information patterns (e.g., ratio analysis). (13) Analyze valuation of receivables by re-aging them by due date. (14) Obtain accounts receivable confirmations. (15) Compare financial information with budgets and forecasts. (16) Verify existence of fixed assets by locating them. (17) Compare financial information to industry statistics (18) Recompute the client's calculation of depreciation expense (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) References eBook & Resources