Undergraduate Audit and Assurance

Type of Audit Evidence Physical Examination Recalculation Analytical Procedures (Broad) Inspection of External Documents Analytical Procedures (Narrow) Observation Reperformance Inspection of Internal Documents Inquiries of Client Confirmation Selected Audit Objective Occurrence Existence Timing Completeness Posting & Summarization Accuracy Classification Cutoff Detail tie-in Realizable value Rights & Obligations The following represents an issue/procedure an auditor found during an engagement. Please identify (1) what audit objective (select one) the auditor is attempting to address, and (2) what type of audit evidence (select one) the auditor is collecting. Procedure - The auditor assessed his client's control risk at "low" and then reviewed a series of purchase orders and traced them into the clients' accounts payable system. 1.) 2.) Procedure - The auditor obtained a letter from the client's attorney detailing the nature and extent of liability under a lawsuit. The auditor used the information received from the attorney to record an estimated liability. 1.) 2. )