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part 2 audting and assurance

Authored by Trisha Hipolito

Other

3rd Grade

Used 7+ times

part 2 audting and assurance
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26 questions

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1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

to ensure that the cash balance and related statement of comprehensive income entries are correctly disclosed in the financial statements in accordance with legislation and accounting standards.

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

To ensure that there is no unrecorded cash.

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

To ensure cash at bank stated on the reconciliation is accurate

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

To ensure that amounts are correctly recorded in the proper period

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

To ensure that the cash is actually in existence and belong to the company at a given date or at the year-end date

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Cash in the bank as stated on the reconciliation foots correctly and agrees with the general ledger.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As one of the year-end audit procedures, the auditor instructed the client’s personnel toprepare a standard bank confirmation request for a bank account that had been closedduring the year. After the client’s treasurer had signed the request, it was mailed by theassistant treasurer. What is the major flaw in this audit procedure?

The confirmation request was signed by the treasurer.

Sending the request was meaningless because the account was closed before year-end.

The request was mailed by the assistant treasurer.

The CPA did not sign the confirmation request before it was mailed

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