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Plz answer all the above questions ME is a control tool that show the actual time spent on each activity. Select one: a Attendance sheet
Plz answer all the above questions
ME is a control tool that show the actual time spent on each activity. Select one: a Attendance sheet b. Time sheet c. Payroll sheet Time ticket During the audit of XYZ company for the year ended December 31, 2018, the auditor detected the misstatement of "The company's receiving department misplaces receiving reports for purchases of raw materials at year-end and therefore liabilities were not recorded." select the appropriate Internal control that most likely could prevent or detect this type of misstatement in the future Select one: O a. The accounts payable supervisor reviews a monthly listing of open purchase orders and vendors' invoices for follow-up with the receiving department. Ob. The purchasing department supervisor forwards a monthly listing of matched purchase orders and receiving reports to the accounts payable supervisor for comparison to a listing of vouched invoices. O c. On a daily basis, the receiving department independently counts all merchandise received O d. All vendor invoices are reviewed for mathematical accuracy, Which of the following is true? Select one: O a. If fraud risk is assessed at a minimum level, audit risk will also be minimal. O b. If the assessed level of fraud risk is high, the auditor should attempt to reduce detection risk. O. c. Audit risk and fraud risk are synonymous terms. d. Fraud risk is comprised of the risk of material misstatement and detection risk. When auditing accounts in the capital acquisition and repayment cycle, the main audit objectives to focus on are Select one: O a. accuracy and valuation. O b. completeness and valuation. c. accuracy and completeness. d. accuracy and existence. Clear my choice The following audit procedure was planned by Moore SPT, CPA, in the audit of XYZ CO.: "Compare current year actual sales to the current year forecasted sales Identify whether the audit procedure is: Select one: O a. Substantive analytical procedures b. Substantive test of transactions O c. Test of control O d. Substantive test of detailsStep by Step Solution
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