Reference no: EM131124914
Audit Program. The following are eight audit procedures taken from an audit program:
1 Review board of directors' minutes to verify approval of equipment purchases
2 Review sales, cash receipts and sales returns cutoffs.
3 Examine the initials on vendors' invoices that indicate internal verification of pricing, extensions (price X units), and footing by a clerk.
4 Reconcile marketable security summary schedules to general ledger.
5 Compare the balance in payroll tax expense with previous years taking into consideration any changes in payroll tax rates. 6 Count a sample of inventory and check against inventory sheets.
7 Account for a sequence of checks in the cash disbursements journal to determine whether any have been omitted.
8 Confirm accounts payable balances in writing with a sample of vendors.
Required:
A. For each of the above audit procedures, give the audit area (accounts receivable, cash, etc.), and an example of an audit objective and a financial statement assertion.
B. For each audit procedure, list a technique for gathering evidence used (inquiry of client personnel, inspection, observation, examination of documents, reperformance, confirmation, analytical procedures and physical examination.)
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Compare the balance in payroll tax expense with previous
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