Audit JCT

Select two assets

• Cash in bank

• Shares outstanding

• Account payables

• Notes receivables

What assertion of "To ensure that there is no unrecorded cash"

• Existence

• Cut-off

• Detail tie-in

• Completeness

Describe what is physical examination?

• Receipt of a direct written response from a third parties verifying the accuracy of the information that was requested by auditor

• Inspection or count by the auditor of a tangible asset

• Rechecking a sample calculations made by a clients

Cash is more susceptible to theft; therefore, there is high inherent risk for the (), (), and () objectives except:

• Existence

• Completeness

• Cut-off

• Accuracy

What will increase the reliability of evidence?

• Confirmation

• Amount of information

• Effective control

What are the ways of gathering evidence?

• Observation

• Reliable

What assertion for “Examine a sample of cash receipts and payments transactions for proper classification.”

• Classification

• Existence

• Valuation

• Completeness

Select two determination of the persuasiveness of evidence

• Appropriateness

• Planning

• Sufficiency

• Tests

What is the source of notes payable

• Lender

• Customer

What is the meaning of inquiries of the client?

• Auditors independent tests of client accounting procedures or controls that were originally done as part of the entity's accounting and internal control system

• Obtaining of written or oral information from the client in response to questions from the auditor