6/3/24, 8:07 PM Question 1 of 10 - Chapter 5: WileyPLUS Assignment
Chapter 5: WileyPLUS Assignment
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From the dropdown menu, select the appropriate assertion about classes of transactions that corresponds with the description
provided.
Assertion
(Classes of
Transactions)
Description
1. Occurrence Transactions and events that have been recorded or disclosed have occurred and pertain to the
entity.
2. Completeness
All transactions and events that should have been recorded have been recorded and all related
disclosures that should have been included are included.
3. Accuracy
Amounts and other data relating to recorded transactions and events have been recorded
appropriately and related disclosures have been appropriately measured and described.
4. Cut-off
Transactions and events have been recorded in the correct accounting period.
5. Classification
Transactions and events have been recorded in the proper accounts.
6. Presentation
Transactions and events are appropriately aggregated or disaggregated and clearly described;
related disclosures are relevant and understandable.
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6/3/24, 8:07 PM Question 2 of 10 - Chapter 5: WileyPLUS Assignment
Chapter 5: WileyPLUS Assignment
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Answer the following questions.
(a)
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An auditor decides to physically observe inventory and trace it to the accounting records to verify it has been recorded. The
auditor is testing for
Occurrence
Completeness
Existence
Accuracy
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(b)
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Which of the following accurately describes completeness and existence tests?
Completeness tests start from the source documentation and existence tests start with the accounting records.
Existence tests start from the source documentation and completeness tests start with the accounting.
Both completeness and existence tests start with source documentation.
An auditor only tests for completeness.
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6/3/24, 8:07 PM Question 3 of 10 - Chapter 5: WileyPLUS Assignment
Chapter 5: WileyPLUS Assignment
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Match the appropriate terms from the list provided to the definitions.
Definitions List of terms
1. Extent to which information reflects the true state of the information Reliability
2. Evidence obtained as a direct written response to the auditor from a third party, in paper External confirmation
form, or by electronic or other medium
3. A letter sent directly by an auditor to their client’s bank requesting information such as the Bank confirmation
amount of cash held in the bank (or overdraft), details of any loans with the bank, and
interest rates charged
4. A letter sent directly by an auditor to their client’s vendor or supplier requesting Payable confirmation
information about amounts owed by the client to the vendor or supplier
5. A letter sent directly by an auditor to their client’s credit customers requesting Receivable confirmation
information about amounts owed to the client by the debtor
6. A letter sent directly by an auditor to a third party, who is asked to respond to the auditor Positive confirmation
on the matter(s) included in the letter in all circumstances (that is, whether they agree or
disagree with the information included in the auditor’s letter)
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6/3/24, 8:07 PM Question 4 of 10 - Chapter 5: WileyPLUS Assignment
Chapter 5: WileyPLUS Assignment
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Match the appropriate terms from the list provided to the definitions.
Definitions List of terms
1. A letter sent directly by an auditor to a third party, who is asked to respond to the Negative confirmation
auditor on the matter(s) included in the letter only if they disagree with the
information provided
2. Information that provides evidence about details recorded in a client’s list of Documentary evidence
transactions (for example, invoices and bank statements)
3. A letter sent to a client’s lawyer asking them to confirm the details of legal Legal letter
matters outstanding identified by management
4. A letter from the client’s management to the auditor acknowledging Management representation letter
management’s responsibility for the preparation of the financial statements and
details of any verbal representations made by management during the course of
the audit
5. Responses of key client personnel to auditor inquiries throughout the course of Verbal evidence
the audit
6. Evidence gathered by an auditor checking the mathematical accuracy of the Computational evidence
numbers that appear in the financial statements
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6/3/24, 8:07 PM Question 5 of 10 - Chapter 5: WileyPLUS Assignment
Chapter 5: WileyPLUS Assignment
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Match the appropriate terms from the list provided to the definitions.
Definitions List of terms
1. Inspection of a client’s tangible assets, such as its inventory and fixed assets Physical evidence
2. An evidence-gathering procedure that involves checking documents and physical Inspection
assets
3. Data held on a client’s computer, files sent by email to the auditor, and items scanned Electronic evidence
and faxed
4. Information gathered to confirm amounts recorded in client records by the auditor Evidence
that is used when forming an opinion on the fair presentation of a client’s financial
statements
5. Information created by the client (for example, customer invoices, purchase orders) Internally generated evidence
6. Information created by a third party (for example, supplier statements, bank Externally generated evidence
statements)
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6/3/24, 8:07 PM Question 6 of 10 - Chapter 5: WileyPLUS Assignment
Chapter 5: WileyPLUS Assignment
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Match the appropriate category of evidence from the list provided to the example.
Category of Evidence Example of Evidence
1. Internally generated evidence Purchase order
2. Internally generated evidence Invoices
3. Externally generated evidence held by the client Supplier invoice
4. Externally generated evidence held by the client Customer order
5. Externally generated evidence sent directly to the auditor Bank confirmation
6. Externally generated evidence sent directly to the auditor Legal letter
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6/3/24, 8:07 PM Question 7 of 10 - Chapter 5: WileyPLUS Assignment
Chapter 5: WileyPLUS Assignment
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The services of an expert may be engaged
to check the accuracy of the auditor’s valuation of an account.
when the auditor does not have the required skills and knowledge to assess the validity of an account.
to provide assistance to the auditor to prove the validity of an account.
to provide an opinion on the fair presentation of the financial statements.
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6/3/24, 8:08 PM Question 8 of 10 - Chapter 5: WileyPLUS Assignment
Chapter 5: WileyPLUS Assignment
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The auditor may use the work of another auditor
when there is insufficient time to complete the audit engagement.
when the client operates from a number of locations.
to assist in forming an opinion in circumstances where there are large volumes of audit evidence.
when the auditor is not independent.
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6/3/24, 8:08 PM Question 9 of 10 - Chapter 5: WileyPLUS Assignment
Chapter 5: WileyPLUS Assignment
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Complete the following table by matching the terms in the dropdown to the scenario:
Evidence-gathering
Scenario Type of Evidence
procedure
John Jones, CPA calculates the Re-performance Internally generated evidence
allowance for doubtful accounts
estimate using the aging receivables
schedule provided by the client to
verify the amounts.
Adrian Cole, CPA looks for notable Audit data analytics Externally generated evidence held by the client
patterns and exceptions by
analyzing the electronic bank data
files provided by the client.
Jane Smith, CPA sends a request for Confirmation Externally generated evidence sent directly to the auditor
positive confirmation to the
company that is storing a portion of
her client’s inventory at an offsite
location.
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6/3/24, 8:08 PM Question 10 of 10 - Chapter 5: WileyPLUS Assignment
Chapter 5: WileyPLUS Assignment
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For each of the following documents, select whether it would be located in the auditors’ permanent file or the current file.
a. Articles of incorporation Permanent file
b. Bank confirmation for the current year Current file
c. Management representation letter for the current year Current file
d. Long-term debt agreement Permanent file
e. Organization chart Permanent file
f. Process documentation for payroll Current file
g. Details of employment contracts regarding stock options Permanent file
h. Engagement letter Current file
i. Board of directors minutes for the current year Current file
j. Audit program for cash Current file
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