Audit Procedures

Categories: AuditBusiness

1. For each of the following specific audit procedures, indicate the type of audit procedure it represents: (1) inspection of records or documents, (2) inspection of tangible assets, (3) observation, (4) inquiry, (5) confirmation, (6) recalculation, (7) reperformance, (8) analytical procedures, and (9) scanning. a. Sending a written request to the client’s customers requesting that they report the amount owed to the client. a. Confirmation

i. Existence; trying to determine if A/R is overstated. b. Examining large sales invoices for a period of two days before and after year-end to determine if sales are recorded in the proper period.

b. Inspection of document/records

ii. Cutoff; make sure sales are recorded in proper period. c. Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account. c. Reperformance-does total agree?

iii. completeness
d. Discussing the adequacy of the allowance for doubtful accounts with the credit manager. d. Inquiry
iv. Valuation and allocation
e. Comparing the current-year gross profit percentage with the gross profit percentage for the last four years.

Get quality help now
checked Verified writer

Proficient in: Audit

star star star star 4.7 (657)

“ Really polite, and a great writer! Task done as described and better, responded to all my questions promptly too! ”

avatar avatar avatar
+84 relevant experts are online
Hire writer

e. Analytical procedures
v. Valuation and allocation
f. Examining a new plastic extrusion machine to ensure that this major acquisition was received. f. Inspection of tangible assets
vi. existence
g. Watching the client’s warehouse personnel count the raw materials inventory. g. Observation
vii. Existence/completeness
h. Performing test counts of the warehouse personnel’s count of the raw material. h. Reperformance
viii. Valuation and allocation
i. Obtaining a letter from the client’s attorney indicating that there were no lawsuits in progress against the client.

Get to Know The Price Estimate For Your Paper
Number of pages
Email Invalid email

By clicking “Check Writers’ Offers”, you agree to our terms of service and privacy policy. We’ll occasionally send you promo and account related email

"You must agree to out terms of services and privacy policy"
Write my paper

You won’t be charged yet!

i. Confirmation
ix. Existence/valuation and allocation
j. Tracing the prices used by the client’s billing program for pricing sales invoices to the client’s approved price list. j. Inspection of documents
x. accuracy
k. Reviewing the general ledger for unusual adjusting entries. k. Scanning
xi. Valuation and allocation.

2. For each of the audit procedures listed in 1 above, identify the primary assertion being tested.

Cite this page

Audit Procedures. (2016, Mar 28). Retrieved from

Audit Procedures

👋 Hi! I’m your smart assistant Amy!

Don’t know where to start? Type your requirements and I’ll connect you to an academic expert within 3 minutes.

get help with your assignment