Which of the following is not an initial procedure for verifying accounts payable?

	a.	reconcile accounts to monthly suppliers statements
	b.	review activity in the general ledger account for any unusual entries
	c.	trace the opening balance to the prior years working papers (if applicable)
	d.	obtain a listing of amounts owed at the balance sheet date

A check by the auditor on the numeric sequence of prenumbered receiving reports to determine that a suppliers invoice was recorded for each relates to the:

	a.	existence or occurrence assertion.
	b.	presentation assertion.
	c.	completeness assertion.
	d.	rights and obligations assertion.

Factors relating to the internal control environment that the auditor needs to consider when assessing control risk for purchase, payment and payroll transactions include all of these except:

	a.	managements commitment to competence.
	b.	integrity and ethical values.
	c.	design of substantive procedures.
	d.	assignment of authority and responsibility.

On delivery of the goods to stores or other requisitioning departments, receiving clerks should obtain:

	a.	an original copy of the receiving report released by the receiving department.
	b.	a signed receipt on the copy of the receiving report retained by the receiving department.
	c.	an authority for receiving report retained by the receiving department.
	d.	a copy of the receiving report retained by the receiving department.

The correct statement in relation to purchase requisitions is:

	a.	all purchase requisitions in the organization should originate from the warehouse.
	b.	all managers in the organization should be able to sign a requisition order.
	c.	the purchase requisition represents the start of the trail of documentary evidence in support of managements assertion as to the occurrence of the purchase transaction.
	d.	all of the above

A purchases cut-off test would satisfy the audit objective assertion of:

	a.	classification.
	b.	rights and obligations.
	c.	completeness
	d.	none of the above

Tests of details of balances for payables include all of the following except:

	a.	searching for unrecorded liabilities.
	b.	verifying directors and executive officers remuneration.
	c.	reconciling payables with monthly statements received by the entity from suppliers.
	d.	confirming accounts payable.