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The following are 11 audit procedures taken from a...




The following are 11 audit procedures taken from ana audit program: 1. Foot the accounts payable trial balance and cmopare the total with the general ledger. 2- Examine vendors' invoices to verify the ending balance in accounts payable. 3-compare the balance in payroll tax expense with previous years. The comparison takes the increase in payroll tax rates into account. 4- Examine the internal auditor's on monthly bank reconciliations as an indication of whether they have been reviewed. 5- Examine vendors' invoices and other documentation in support of recorded transactions in the aquisitions jounal. 6- Multiply the commission rate by total sales and compare the result with commission expense. 7- Examine vendors' invoices and other supporting documents to determine whether large amounts in the repair and maintenance account should be capitalized. 8- Discuss the duties of the cash disbursements clerk with him and observe whether he has responsibility for handling cash or preparing the bank reconciliation. 9-Confirm accounts payable balances directly with vendors. 10-Account for a sequence of checks in the cash disbursements journal to determine whether any have been omitted. 11- Inquire about the accounts payable supervisor's monthly review of a computer generated exception report of receiving reports and purchase orders that have not been matched with a vendor invoice. a) indicate whether each procedure is a test of control, substantive test of transactions, analytical procedure, or a test of detail of balances. b) Identify the type of evidence for each procedure.


Paper#6418 | Written in 18-Jul-2015

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