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Chapter: 10 / Q: 10.3
When a client does not adequately segregate duties , the possibility of cash being stolen before it is recorded is increased. If the auditor suspects that this type of defalcation is possible, what type of audit procedures can he or she use to test this possibility?
Chapter: 10 / Q: 10.4
The auditor needs to understand how selected inherent risk factors affect the transactions processed by the revenue process. Discuss the potential effect that industry-related factors and misstatements detected in prior periods have on the inherent risk assessment for the revenue process
Chapter: 10 / Q: 10.5
In understanding the accounting system in the revenue process, the auditor typically performs a walkthrough to gain knowledge of the system. What knowledge should the auditor try to obtain about the accounting system?
Chapter: 10 / Q: 10.6
What are the two major controls for sales returns and allowances transactions?
Chapter: 10 / Q: 10.8
Describe how author verifies the accuracy of the aged trial balance
Chapter: 10 / Q: 10.9
List and discuss the 3 factors mentioned in the chapter that may affect the reliability of confirmations
Chapter: 10 / Q: 10.10
Distinguish between positive and negative confirmations. Under what circumstances would positive confirmations be more appropriate than negative confirmations
Chapter: 10 / Q: 10.11
Identify three other types of receivables the auditor should examine. What audit procedures would typically be used to audit other receivables
Chapter: 10 / Q: 10.12
For the control activities to be effective, employees maintaining the accounts receivable subsidiary ledger should not also approve
Chapter: 10 / Q: 10.13
Which of the following controls is most likely to help ensure that all credit revenue transactions of an entity are recorded?
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