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Please help me answer this questions are my last one for the month Q. Why does the client prepare independent bank reconciliation? a)To validate purchase

Please help me answer this questions are my last one for the month

image text in transcribedimage text in transcribedimage text in transcribedQ.

Why does the client prepare independent bank reconciliation?

a)To validate purchase returns

B)To record purchase returns and allowances

c)To check for the completeness, existence, and valuation of cash balances

d)To check accounts payable

After considering the client's internal control, the auditors have concluded that it is well-designed and is functioning as anticipated. Under these circumstances, the auditors would most likely A) perform additional tests of controls. B increase the extent of anticipated analytical procedures. cease to perform any substantive procedures. D reduce substantive procedures in areas where the internal control was found to be effective. Which of the following defines a legal letter? A An audit inquiry sent to a client's external and in-house legal counsel to obtain information about litigation, assessments, and claims. B A letter comprising the auditor's report that is required by generally accepted auditing standards or is included at the auditor's discretion. An engagement in which a CPA applies accounting and financial expertise to assist management in the presentation of financial statements. D A statement in which a CPA orders inquiry and analytical procedures to provide limited assurance that no material modifications should be made to the financial statements. Question 13 2.5 Points The responsibility for the preparation of financial statements rests A solely with the external auditor. B solely with management. with the internal audit function. D) jointly with the auditor and management. Which statement defines a Type 1 subsequent event? A An event that provides evidence of conditions that arose after the date of the financial statements B An event that provides evidence of conditions that existed at the date of the financial statements. A Type I event requires an adjustment to the financial statements. An event that provides evidence of unreported earnings that arose after the date of the financial statements. D An event that provides evidence of conditions that did not exist at the date of the financial statements. A Type I event requires an adjustment to the financial statements

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