Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. audit procedure 1 during controls testing the audi

Audit procedure 1 During controls testing the auditors selected a sample of purchase invoices and...

70.2K

Verified Solution

Question

Accounting

image

Audit procedure 1 During controls testing the auditors selected a sample of purchase invoices and examined them for evidence of an appropriate person authorising the invoice prior to payment. The sample was chosen by selecting every 30th invoice in the population. Audit procedure 2 During substantive procedures the auditors selected a sample of balances included in the trade receivables figure and wrote to the supplier asking them to confirm the amount owed to the audit client at the year-end. The sample was chosen by the auditor without following a structured technique, in an attempt to ensure that all balances had a chance of selection. Identify the ISA 500 (Audit evidence) evidence gathering technique and the sampling method used by the auditors in each of these procedures

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students