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1.The auditor will most likely perform extensive tests for possible understatement of a.Revenue b.Assets c.Liabilities d.Equity 2.In auditing accounts payable, an auditor’s procedures most likely will focus primarily on management’s assertion of a.Existence b. Completeness c.Presentation and disclosure d.Valuation and allocation 3.Which of the following audit procedures is not appropriate for addressing the assertion of valuation? a.Confirm with creditors b.Test for unrecorded liabilities c.Perform analytical procedures d. Verify accounts payable trial balance 4.Which of the following is a substantive test that an auditor an auditor most likely would perform to verify the existence and valuation of recorded accounts payable? a.Vouching selected entries in the accounts payable subsidiary ledger to purchase orders and receiving reports. b.Confirming accounts payable balances with known suppliers who have zero balances. c.Investigating the open purchase order file to ascertain that prenumbered purchase orders are used and accounted for d.Receiving the client’s mail, unopened, for a reasonable period of time after the year- end to search for unrecorded vendor’s invoices 5.Auditor confirmation of accounts payable balances at the balance sheet date may be unnecessary because: a.This is a duplication of cutoff tests b.Accounts payable balances at the balance sheet date may not be paid before the audit is completed c.Correspondence with the audit client's attorney will reveal all legal action by vendors for nonpayment d.There is likely to be other reliable external evidence available to support the balances 6. To identify whether accounts payable are complete, an auditor performs a test to verify that all merchandise received is recorded. The population of documents for this test consists of all a.Payment vouchers b.Receiving reports c. Purchase requisitions d.Vendors’ invoices Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Which of the following procedures would an auditor most likely perform in searching for unrecorded liabilities? VCEguide gives free questions, answers and explanations for such certifications as CCNA, CCNP, Azure, A+, Network+, Security+, IBM, VMware...Learn and Pass IT Certification Exams Easily. We does not offer real Microsoft - CompTIA - Amazon - Cisco - Oracle Exam Questions. CFA Institute does not endorse, promote or warrant the accuracy or quality of VCEguide. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. VCEguide does not offer exam dumps or questions from actual exams. We offer learning material and practice tests created by subject matter experts to assist and help learners prepare for those exams. All certification brands used on the website are owned by the respective brand owners. VCEguide does not own or claim any ownership on any of the brands. Would an auditor most likely perform in searching for unrecorded liabilities?In searching for unrecorded liabilities, an auditor most likely would examine the: - Files of purchase requisitions for items ordered just before the year end.
Which of the following audit procedures is best for identifying unrecorded accounts payable?Which of the following audit procedures is best for identifying unrecorded trade accounts payable? Reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payable applies to the prior period.
Which of the following is the most efficient audit procedure for the detection of unrecorded liabilities?Which of the following is the most efficient audit procedure for the detection of unrecorded liabilities? Compare cash disbursements in the subsequent period with the accounts payable trial balance at year-end.
Which of the following procedures would an auditor most likely perform?Which of the following procedures would an auditor most likely perform in planning a financial statement audit? Comparing the financial statements with anticipated results.
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Which of the following procedures would an auditor most likely perform searching for unrecorded payables?
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