ollowing would not be considered an analytical procedure s Which of the mputing accounts receivable turnover g an error rate by comparing the B ation characteristics. Proecting 9 by dividing credit sales by the average net receivables. results of a statistical sample with the actual Estimating payroll expense by multiplying e and the total hours worked. g the number of employees by the average hourly wage sales D. Developing the expected current -year sales based on the dales trend of the prior five years. whether transactions have been recorded, the direction of the audit testing 59. In determining should be from the: A. general journal entries B. adjusted trial balance C. original source documents D. general ledger balances. 60. In creating lead schedules for an audit engagement, a CPA document software. What client information is needed to begin this process often uses automated audt A. Specialized journal information such as the invoices and purchase order few sales and purchases of the year. numbers of the last B. Interim financial information such as third quarter sales, net income, and inventory receivable balances. C. General ledger information such as account numbers, prior year current year unadjusted information. D. account balances and Adjusting entry information such as deferrals and accruals, and reclassification journal entries. 61. Which of the following best describes why an independent auditor is asked to express an opinion on the fair presentation of financial statements? A. It is difficult to prepare financial statements that fairly present a company's financial position, operations, and cash flows without the expertise of an independent auditor. B. It is management's responsibility to seek available independent aid in the appraisal of the financial information shown in its financial statements. C. The opinion of an independent party is needed because a company may not be objective with respect to its own financial statements. D. It is a customary courtesy that all stockholders of a company receive an independent report on management's stewardship of the affairs of business. 62. Independent auditing can best be described as A. a branch of accounting B. a discipline that attests to the results of accounting and other financial operations and data. C. a professional activity that measures and communicates financial and business data. D. a regulatory function that prevents the issuance of improper financial information