While Performing Interim Audit Procedures of Accounts Receivable, Numerous Unexpected

question 41

Multiple Choice

While performing interim audit procedures of accounts receivable, numerous unexpected errors are found resulting in a change of risk assessment. Which of the following audit responses would be most appropriate?

• A)Move detailed analytical procedures from year end to interim.
• B)Increase the dollar threshold of vouching customer invoices.
• C)Send negative accounts receivable confirmations instead of positive accounts receivable confirmations.
• D)Use more experienced audit team members to perform year-end testing.

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Definitions:

Vasodilator Substance

Chemicals that relax and expand blood vessels, increasing blood flow and decreasing blood pressure.

Epinephrine

Hormone (amino acid derivative) similar in structure to the neurotransmitter norepinephrine; major hormone released from the adrenal medulla; increases cardiac output and blood glucose levels; also called adrenaline.

Coronary Blood Vessels

Arteries and veins that provide blood supply to the heart muscle.

Venous Blood

Blood that is returning to the heart through veins after having circulated through the body, characterized by its dark red color due to lower oxygen content.