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In testing for unrecorded retirements of equipment, an auditor most likely wouldSelect items of equipment from the accounting records and then locate them during the plant tourWhich of the following audit procedures is best for identifying unrecorded trade accounts payable?Reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payables apply to the prior periodWhich of the following procedures would an auditor most likely perform in searching for unrecorded liabilities?Vouch a sample of cash disbursements recorded just after year end to receiving reports and vendor invoicesWhen using confirmations to provide evidence about the completeness assertion for accounts payable, the appropriate population most likely would beVendors with whom the entity has previously done businessWhich of the following procedures would an auditor least likely perform before the balance sheet date?Confirmation of accounts payableWhen searching for unrecorded liabilities at year end, an auditor most likely would examineCash disbursements recorded in the period subsequent to year endTo determine whether accounts payable are complete, an auditor performs a test to verify that all merchandise received is recorded. The population of documents for this test consists of allReceiving reportsDetermine that purchases were properly recordedIn auditing accounts payable, an auditor's procedures most likely would focus primarily on management's assertion ofCompletenessWhich of the following procedures would an auditor most likely perform in searching for unrecorded payables?Compare cash payments occurring after the balance sheet date with the accounts payable trial balanceIn performing tests concerning the granting of stock options, an auditor shouldAn auditor most likely would extend substantive tests of payroll whenOverpayments are discovered in performing tests of detailsAn auditor reviews the reconciliation of payroll tax forms that a client is responsible for filing in order toIdentify potential liabilities for unpaid payroll taxesWhich statement should be included in a practitioner's report on the application of agreed-upon procedures?A statement referring to standards established by the AICPApractitioner has been engaged to apply agreed-upon procedures in accordance with Statements on Standards for Attestation Engagements (SSAE) to prospective financial statements. Which of the following conditions must be met for the practitioner to perform the engagement?The practitioner and specified parties agree upon the procedures to be performed by the practitionerAn accountant's compilation report on a financial forecast should include a statement thatThere will usually be differences between the forecasted and actual resultsWhen an accountant examines projected financial statements, the accountant's report should include a separate paragraph thatDescribes the limitations on the usefulness of the presentationA CPA is engaged to examine an entity's financial forecast. The CPA believes that several significant assumptions do not provide a reasonable basis for the forecast. Under these circumstances, the CPA should issue a(an)Adverse opinionWhich of the following procedures would an auditor most likely perform when searching for unrecorded liabilities?Explanation: Auditor most likely vouch a sample of cash disbursements recorded just year-end to receiving reports and vendors invoices as it can provide the evidence for unrecorded liabilities if occurred. Would an auditor most likely perform in searching for unrecorded liabilities?In searching for unrecorded liabilities, an auditor most likely would examine the: - Files of purchase requisitions for items ordered just before the year end. Which of the following procedures would an auditor most likely perform in searching for unrecorded payables quizlet?Which of the following procedures would an auditor most likely perform in searching for unrecorded payables? Compare cash payments occurring after the balance sheet date with the accounts payable trial balance. Which of the following audit procedures would be best for identifying unrecorded liabilities?Which of the following audit procedures is best for identifying unrecorded trade accounts payable? Review of cash disbursements recorded subsequent to the balance sheet date to determine whether the related payables apply to the prior period. Which of the following audit procedures is best for identifying on recorded trade accounts payable?Choice “A” is correct. When performing a search for unrecorded payables, an auditor most likely would examine cash disbursements recorded after the balance sheet date to determine whether the payables related to the prior period have been included in the accounts payable trial balance.
What is likely to be the most effective audit procedure to identify unrecorded accounts payable?d)examining selected cash disbursements in the period subsequent to the year-end is the best audit procedure for determining the existence of unrecorded liabilities. All liabilities must eventually be paid and will therefore be reflected in the accounts when paid if not when incurred.
Which of the following audit procedures would be best for identifying unrecorded liabilities?Which of the following audit procedures is best for identifying unrecorded trade accounts payable? Review of cash disbursements recorded subsequent to the balance sheet date to determine whether the related payables apply to the prior period.
Which of the following is the most efficient audit procedure for the detection of unrecorded liabilities at the balance sheet date?Which of the following is the most efficient audit procedure for the detection of unrecorded liabilities? Compare cash disbursements in the subsequent period with the accounts payable trial balance at year-end.
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