Question

All's fair appliance company is an appliance wholesaler. select the most appropriate audit procedure from the list below and enter the number in the appropriate place on the grid. (an audit procedure may be selected once, more than once, or not at all.) audit procedure: 1. compare selected amounts from the accounts payable listing with the voucher and supporting documents. 2. review drafts of the financial statements. 3. search for unrecorded liabilities. 4. select a sample of receiving documents for a few days before and after year-end. 5. obtain a listing of the accounts payable and agree total to general ledger control account.

Answer 1

a.    Compare designated amounts from the accounts payable listing with the voucher and supporting entitites.

b.    Select a sample of receiving documents for a few days before and after year end.

c.     Obtain a listing of the accounts payable and agree total to general ledger control account.

d.    Review drafts of the financial statements