Please answer all of them.

1) which of PCAOB assertions (A-E) are best verified by the following audit procedure_______ reviewing inventory in the warehouse for obsolete or inquiring about slow moving inventory.

A)Valuation or accuracy

B)Existence or occurrence

C)Presentation and disclosure

D)Completeness/ cutoff

E)Rights and obligations

2)As one of the year-end audit procedures, the auditor instructed the client's personnel to prepare a confirmation request for a bank account. After the client's treasurer has signed the request. It was mailed by the assistant treasurer. The bank returned the confirmation letter directly to the auditor by e-mail. The auditor called the bank and was able to verify the confirmation was actually sent by the bank. What is the major flaw in the audit procedure?

A)The request was mailed-by the assistant treasurer.

B)The confirmation request was returned by e-mail instead of a physical copy

C)The CPA did not sign the confirmation request before it was mailed

D)The confirmation request was signed by the treasurer.

3)you are finalizing your approach to auditing revenue and accounts receivable and an intern on the engaging e-mailed you the following questions

Question

Review of the subsequent cash collections is the most effective audit procedure for determining the collectability of an account receivable (assuming confirming accounts receivable is not performed)

A)False

B)Cannot be determined

C)Can be determined

D)True

4)the auditor should be alert to Cutoff problems____.

A)Which relate to accounts inventory being valued improperly because of consigned goods being included.

B)From the terms of shipping (FOB shipping point vs destination) that might have resulted in overstating inventory.

C)Which related to disclosures of inventory being presented incorrectly in the notes to the financial statements.

D)From the terms of shipping (FOB shipping point vs destination) that might have resulted in understated inventory balances.

5)In auditing the long-term debt account, an auditor's procedures most likely would focus primarily on management's assertion of

A)Existence or occurrence

B)Valuation or accuracy

C)Completeness or cutoff

D)Presentation and disclosure

6)Auditors are more concerned with asset being________ stated and liabilities being ___________ stated. Write response below.

7)You are finalizing your approach to auditing revenue & account receivable and an intern on the engagement e-mailed you the following questions. Chose answer the below that best answer the question.

Question

Evaluating the adequacy of the allowance for doubtful accounts relates to the ______. Assertion.

A)Cannot be determine

B)Cannot be determine

C)Valuation or allocation

D)Existence

8)If the auditor is concerned about the risk of fraud in the purchasing process. Specially the employee creating vouchers for disbursement to unauthorized suppliers/vendors. Which of the following is the most effective control to prevent this type of fraud?

A)An employee manually calculating the quantities times price on the voucher and comparing that amount with the amount of cash disbursement per the bank statement.

B)Use of an authorized vendor list to limit the vendor's employees can choose and making disbursement for purchases.

C)Having a code of ethics that discourses employees from stealing money from the company.

D)Stamping Vouchers "paid" to avoid duplicate payment to the same vendor.

9)To search for unrecorded liabilities consists of procedures designed specifically to detect unrecorded payables and liabilities and should be performed for what time period if the company has a December 31^st year end?

A)Looking as sales transaction to the customers 14 days before and After December 31^st

B)Looking for significant recorded obligation from December 1^st to December 31^st

C)Looking for significant recorded obligation from January 1^st to January 31^st

D)Looking at purchase's transaction of inventory 14 days before and After December 31^st

E)Looking as Equity Stock transactions (sale of common stock) 14 days before and After December 31^st