Which of the following best describes the auditors' approach to the audit of accrued liabilities?
Test computations.
Which of the following assertions is of principle concern to the auditors in the examination of accounts payable?
Completeness.
Which of the following is the best control procedure to prevent the payment of an invoice twice?
Review of supporting documentation by the person signing the check.
With properly designed internal control, the same employee should not be permitted to:
Prepare disbursement vouchers and sign checks.
Which of the following best describes a voucher prepared under good internal control?
A document prepared by Accounts Payable authorizing a cash disbursement.
The auditors' search for unrecorded liabilities is completed:
Subsequent to the balance sheet date.
Which statement is correct with respect to accounts payable confirmations?
They are more frequently used in situations in which some vendors don't send monthly statements.
Auditors may choose not to confirm accounts payable because:
Other reliable external evidence to support the balances is likely to be available.
A client recorded a payable for a large purchase twice. Which of the following controls would be most likely to detect this error in a timely and efficient manner?
Reconciling vendors' monthly statements with subsidiary payable ledger accounts.
Assume that the auditors are concerned about disbursement transactions that have been recorded for improper amounts. Which procedure(s) would possibly identify these transactions?
Trace from source documents to journals --- Vouch from journal to source do
Option D: Yes Yes