The Auditors’ Objectives in Audit of Inventories and Cost of Goods Sold are to: 1. Consider internal control over inventories and cost of goods sold. 2. Determine the existences of inventories and the occurrence of transactions affecting cost of goods sold. 3. Establish the completeness of inventories. 4. Establish that the client has rights to the recorded inventories. 5. Establish the clerical accuracy of records and supporting schedules for inventories and cost of goods sold
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Substantive Audit Testing: Revenue Cycle 1. Substantive Audit Testing: Revenue Cycle 2. MULTIPLE CHOICE: 3. 1. Which of the following might be detected by an auditor’s review of the client’s sales cut-off? 4. a. Excessive goods returned for credit. 5. b. Unrecorded sales discounts. c. Lapping of year end accounts receivable. d. Inflated sales for the year. 6. ANSWER: D 7. 2. Which of the following forms of evidence represents the most competent evidence that a receivable actually exists? 8. a. A
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direct and circumstantial evidence. One of the evidence markers weighs significantly heavier than the other‚ direct evidence being much more substantial than any circumstantial evidence. However‚ circumstantial evidence may build an entire case. Direct evidence is defined by Criminal Investigation Basic Perspectives‚ Eleventh Edition as an eye witness who through one of the five senses witnesses the crime committed. To further breakdown this definition of direct evidence‚ one may turn to Merriam-Websters
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execution of the strategy at various stages First you have to decide how you are going to tackle the audit. That’s the big picture. It could be that you decide there are no good internal controls. Your strategy would then be to not do any TOCs and concentrate on substantive procedures. Having decided that then you have to plan how you will use substantive procedures to get sufficient appropriate audit evidence. If your strategy is not to do any tests of control‚ then the detailed plan will take that into
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AP-3: ⇒Audit Program for Accounts Receivable Company Balance Sheet Date | | | The company has the following general ledger accounts that are classified in the accounts‚ notes‚ or other receivables captions of the | |balance sheet:
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Audit Working Papers Presented By: Kanza Masood Presented To: Miss Iram Butt Semester: Semester 6 Date: 18th Feb’13 Course: Audit Internal Control ------------------------------------------------- Audit working papers Audit working papers are the documents which record all audit evidence obtained during financial statements auditing‚ internal management auditing‚ information systems auditing‚ and investigations. Audit working papers are used to support the audit work done in order to provide assurance
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Evidence – Means‚ Mode‚ or Manner to Ascertain the Truth about a Matter of Fact in a Judicial Proceeding. Essential Parts of the Legal Definition of Evidence: WHAT: 3M – Means‚ Mode or Manner WHY: ATF – to ascertain the truth about a matter of fact WHERE: J – in a Judicial Proceeding - it is a medium or means by which a fact is proved or disproved. Proof – RESULT‚ EFFECT or PERFECTION of an evidence. - result of a PROBATIVE EFFECT of evidence. - it is the perfection of evidence
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Audit Proposal—Kudler Fine Foods Previously Kudler Fine Foods had asked accounting firm 123 Accounting for their recommendation on a system which would improve automation in their business processes. Accounting firm 123 Accounting provided Kudler with a recommended course of action to take towards automating their accounting information system‚ as well as provided a flowchart to assist in describing the process by which the software will help management consolidate their financial data. Currently
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Trace or transfer evidence can be any small‚ and to the untrained be a seemingly insignificant piece of material‚ whether man-made or natural‚ that has been left at a crime scene. Edmond Locard‚ founder of the Institute of Criminalistics at the University of Lyon‚ France‚ developed what has become known as Locard’s Exchange Principle. This states that every contact leaves a trace (Trace Evidence). Trace evidence can consist of just about anything. Some types of trace evidence include but are not
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Different types of evidence in Eye witness testimony: When deciding the guilt or innocence of individuals in court‚ juries‚ judges‚ and police investigators rely on three major types of evidence. Often‚ experts are relied on for information. For example‚ the mental state of the individual being accused. This “expert testimony‚” is not often relied on in Canadian court because some judges believe the information that is offered by experts‚ Psychologists in particular‚ is common sense. There are
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