What is a walk-through, and why is this procedure used in an audit?

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing An International Approach

ISBN: 978-0071051415

6th edition

Authors: Wally J. Smieliauskas, Kathryn Bewley

See More Books

Question Posted: Jan 09, 2015 09:34 AM

See More Questions

How are explanatory paragraphs used in an audit report? Provide several examples that could be added to an audit report.
What audit procedure does the auditor use to examine the valuation of accounts receivable? Specifically, what steps does the auditor perform related to the aged accounts receivable trial balance?
What evidence could the verbal inquiry audit procedure provide in Printing ( Copying) Money?
John and Adam exchange offices in a transaction that qualifies as a like-kind exchange. As part of the transaction, Adam gives John a truck. In addition, Adam agrees to assume a $20,000 liability...
What is confirmatory factor analysis? How is ii similar to and different from exploratory factor analysis?
The Topper Restaurant uses a flexible budget to estimate profit in each month. The restaurant expects to charge $$15$ per meal on average. Some costs are assumed to vary with the number of meals...
Describe the Maintenance and Support phase of the SDLC. AppendixLO1
Listed below are five procedures followed by The Beat Company.1. Several individuals operate the cash register using the same register drawer.2. A monthly bank reconciliation is prepared by someone...
Problem 2-2A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2 Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the...
The weekly demand for a product is believed to be normally distributed. Use a goodness of fit test and the following data to test this assumption. Use = .10. The sample mean is 24.5 and the sample...
What is the purpose of an internal control systems flow chart? How does it differ from a narrative?
Why is it not necessary to test control weaknesses? What action does the auditor need to take when control evaluation work indicates a control weakness?
Show that under Merton's model in Section 11.6 the credit spread on a T-year zero-coupon bond is where L = Der Vo -In[N{d2) + N(-d)/L]/T
Case # 4 Joseph Joseph, a 19-year-old African American college freshman. Yesterday he spent the afternoon drinking beer and taking shots of vodka with his fraternity brothers. After 6 glasses of beer...
1. Kaldor facts [50 points] Kaldor (1961) documented a set of stylized facts on the growth process of industrialized countries. We discussed these facts in lecture 2. Explain if and how the...
County has the Investment Activities recorded in its general fund: Tesla Stock: Cost $100, Fair Value on Jan 1x1: $200; Fair Value on Dec 31x2: $300 DJT Stock: Cost: $100; Fair Value on Jan 1x1:...
Pets World is a retailer of a popular blend of organic dog food produced by Natural Pets Company. On average, Pets World sells 600 cans per week. The wholesale price that Natural Pets Company charges...
Out Supply-Chaining the King of Supply Chainers, How easy (or hard) would it be for rivals like Walmart or Carrefour to adopt Tesco's data management techniques? (Please provide reference...
Stone has provided the following information on its available-for-sale securities: It reported $1,500 in the contra-asset valuation account to reduce these securities to their market value at...
Which, if any, of the dichloroethene molecules drawn in Data Table II (3.) (4.) and (5.) are geometric isomers? A. B. C. D. cis-1,2-dichloroethene and trans-1,2-dichloroethene...
The World War II-era rocket launcher called the bazooka was essentially a tube open at both ends. On the basis of momentum considerations, how is the firing of a bazooka different from the firing of...
Which of the following is characteristic of management fraud? a. Falsification of documents in order to steal money from an employer. b. Victimization of investors through the use of materially...
CASs do not require auditors of financial statements to do which of the following? a. Understand the nature of errors and fraud. b. Assess the risk of occurrence of errors and fraud. c. Design audits...
Which of the following types of auditors have the highest expectations in their audit standards regarding the detection of fraud? a. External auditors of financial statements. b. Government auditors...
Problem 5-2 (Algo) Present and future value [LO5-7,5-8, 5-10] Johnstone Company is facing several decisions regarding investing and financing activities. Address each decision independently. (FV of...
and non capital loss carry forward? In 2021, William Barker, who is single, earned the following income and incurred the following losses: Employment income Business loss Taxable capital gains...
The Flintstone Construction Company delivers dirt and stone from local quarries to its construction sites. A new truck that was purchased for a cost of $121,000 at the beginning of the year was...

What is a walk-through, and why is this procedure used in an audit?

Question:

Step by Step Answer:

A walk through test or a test of one is a way of verifying the accuracy of the flo...View the full answer

Auditing An International Approach

Students also viewed these Auditing questions