+1 (208) 254-6996 [email protected]
  

Which of the following procedures would be generally performed when evaluating the accounts receivable balance in an engagement to review financial statements in accordance with Statements on Standards for Accounting and Review Services?

Question 48 options:

Don't use plagiarized sources. Get Your Custom Essay on
Which of the following procedures would be generally performed when evaluating the accounts receivable balance in an engagement to review financial statements in accordance with Statements on Standards for Accounting and Review Services?
Just from $13/Page
Order Essay
 
A) Perform a reasonableness test of the balance by computing days’ sales in receivables.

 

 
B) Review subsequent bank statements for evidence of cash deposits

 

 
C) Confirm individually significant receivable balances with customers.

 

 
D) Vouch a sample of subsequent cash receipts from customers.

 

Question 49 (1.6 points)

 

Which of the following statements is correct concerning internal control matters identified in a nonissuer financial statement audit?

Question 49 options:

 
A) An auditor is required to search for internal control matters that require communication to client management.

 

 
B) An auditor may report, in writing, that no material weaknesses were noted during an audit.

 

 
C) All identified internal control matters are considered material weaknesses and must be communicated to the client’s management.

 

 
D) All internal control matters must be communicated orally to those charged with governance.

 

Question 50 (1.6 points)

 

Each of the following is normally performed while conducting a review of interim financial information except

Question 50 options:

 
A) Comparing disaggregated revenue data.

 

 
B) Making inquiries of financial management.

 

 
C) Obtaining litigation updates from external legal counsel.

 

 
D) Reading minutes of the meetings of the board of directors.

 

Question 51 (10 points)

 

Internal control is made up of five different components that are interrelated. Select from the option list provided which of the five components is being described for each of the following. Each choice may be used once, more than once, or not at all

Question 51 options:

  The quarterly review made by the internal audit committee.
  Storing customer receipts in a safe until deposited at the bank.
  Training procedures for new employees.
  A zero tolerance policy that calls for the termination of anyone acting unethically.
  The hiring of a new CEO with a very different management style.

 

 
1. Control activities
2. Risk Assessment
3. Information and communication systems
4. Monitoring
5. Control Environment

 

Question 52 (10 points)

 

Select from the option list provided whether each activity would be categorized as a financial audit, an attestation engagement, or a performance audit in accordance with Government Auditing Standards. Each choice may be used once, more than once, or not at all.

Question 52 options:

  Assessing compliance with legal requirements
  Reporting on the fairness of a balance sheet
  Examining the accuracy or reliability of performance measures
  Assessing economy and efficiency.
  Reviewing allowable, reasonable, or final contract costs
1. Financial audit
2. Attestation engagement
3. Performance Audit

Order your essay today and save 10% with the discount code ESSAYHELP