Advanced Placement (AP) College

Fill the blank spaces in the table belows (Types of Assertions and Specific Management Accrtions) Statement/Audit Procedure a) b) () d) c) D) h i) D) Walk around the client's warehouse to ensure that all inventory has been included in the final inventory count. Walk around the client's premises to ensure that recorded "plant and equipment" are physically present. Recorded "sales are for actual shipments made to leptimate customers. Legal fees incurred throughout the year are included in "Professional Fees Expenses and excluded from "Repairs and Maintenance Expenses" "Expenses" that were incurred around year-end have been recorded in the proper period. The portion of a "bank loan" that is due within one year is properly included as a current liability. Obtain the closing stock prices for the client's various "available for sale investments and ensure that the appropriate adjusting journal entries (to record the investments at fair value) have been made. Amounts recorded in respect of the "payroll expense" throughout the year have been recorded i appropriately in the various line items on the income statement. Obtain the client's vendor invoice files and re- compute the client's FIFO cost for inventory. Visit the warehouse and look for any indication of obsolete or dow moving "inventory" Type of Assertion (clases of transactions, account balance or presentation and disclosure) Specdic Management Assertion that is Primarly involved​

Answers

Answer 1

The Five Different Testing Approaches Employed During Audit Procedures

Inquiry.Observation.Evidence examination or inspectionRe-performance.Computer-Assisted Auditing Method (CAAT)

What is meant by Audit Procedure?The strategies, processes, and methods used by auditors in audit procedures allow them to gather trustworthy audit data and make an informed decision regarding the financial health of a business. It is possible to tell whether or not a company's financial statements are accurate and reputable by conducting audit procedures. Generally speaking, the audit process has four stages: planning (sometimes referred to as a survey or preliminary review), fieldwork, audit report, and follow-up review. However, each audit process is unique.The "three E's," often known as the "three E's," are the cornerstones of any performance audit. The economy is the set of rules and conditions that govern how a given entity obtains the resources it needs.

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Related Questions

Psychology Research Methods Directions:
• For each research question below, determine which research method discussed in the first lecture of RM would best test this research question. You can choose either the Theoretical Research, Explanatory, Exploratory or correlational method. After you have chosen a research approach, explain why this would be the best method to test the question. Then explain the potential advantages and disadvantages of using this approach.


1. A study in which the goal is to determine the best way to treat a new type of depression.
2. Enrique is given a task of assessing the impact of depression on the performance of students.
3. Identifying the relationship between technology use and mental health.
4. Studying and reviewing different methods/therapies used for patients with high depression.
5. IS there any association between age vs. no. of accidents a person is probed to have.?

Answers

The best research method for this question would be an explanatory method, as it allows for the testing of specific hypotheses and the manipulation of variables in order to determine cause and effect relationships. The potential advantages of this approach include the ability to establish causal relationships and the ability to generalize findings to a larger population. However, the potential disadvantages include the possibility of researcher bias and the potential for ethical issues.
The best research method for this question would be a correlational method, as it allows for the examination of the relationship between two or more variables without manipulation. The potential advantages of this approach include the ability to investigate multiple variables at once and the ability to identify potential relationships. However, the potential disadvantages include the inability to establish causality and the potential for researcher bias.
The best research method for this question would be an exploratory method, as it allows for the examination of a new or complex phenomenon without a specific hypothesis in mind. The potential advantages of this approach include the ability to identify new relationships and the flexibility to change the research question as new information is discovered. However, the potential disadvantages include the lack of generalizability to a larger population and the potential for researcher bias.
The best research method for this question would be a theoretical research method, as it allows for the examination of existing theories and research to identify patterns and gaps in knowledge. The potential advantages of this approach include the ability to build on existing knowledge and the ability to identify areas for further research. However, the potential disadvantages include the lack of new information and the potential for researcher bias.
The best research method for this question would be a correlational method, as it allows for the examination of the relationship between two or more variables without manipulation. The potential advantages of this approach include the ability to investigate multiple variables at once and the ability to identify potential relationships. However, the potential disadvantages include the inability to establish causality and the potential for researcher bias.
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