90.2K

Verified Solution

Link Copied!

Select the audit procedure from the list provided that gives the most appropriate audit evidence for the account of Inventory and the assertion of Completeness. 1) Select items located in the inventory warehouse and trace to the inventory listing. 2) Examine invoices paid subsequent to year-end and trace to subsidiary ledger. 3) Examine invoices from suppliers. 4) Trace sales invoices and shipping documents just after year-end to customer accounts. Question 16 0/1 point Select the audit procedure from the list provided that gives the most appropriate audit evidence for the account of Cash and the assertion of Rights and Obligations. 1) Review the bank confirmation for information on compensating balances. 2) Agree bank statement to the subsidiary ledger. 3) Agree the cash balance per the bank reconciliation to the year-end bank statement. 4) Trace deposits per the bank statement to the cash subsidiary ledger. Question 19 0/2 points Select the audit procedure from the list provided that gives the most appropriate audit evidence for the account of Equipment and the assertion of Valuation. 1) Compare the useful lives assigned to new equipment purchases to useful lives assigned in prior years to similar assets. 2) Vouch new equipment additions back to the invoices, cancelled check and properly approved purchase order. 3) Trace equipment observed to the equipment master control listing. 4) Interview the plant manager regarding repair and maintenance expenses

Answer & Explanation Solved by verified expert

See Answer