Below Are Five Audit Procedures, All of Which Are Tests

question 104

Short Answer

Below are five audit procedures, all of which are tests of transactions associated with the audit of the acquisition and payment cycle.Also below are the six general transaction-related audit objectives and the five management assertions.For each audit procedure, indicate (1)its audit objective, and (2)the management assertion being tested.

1.Foot the purchases journal and trace the totals to the related general ledger accounts.
(1)________.
(2)________.
2.Recompute the cash discounts taken by the client.
(1)________.
(2)________.
3.Compare dates on cancelled checks with the bank cancellation date.
(1)________.
(2)________.
4.Trace from a sample of cancelled checks to the cash disbursements journal.
(1)________.
(2)________.
5.Examine supporting documentation for a sample of transactions for authorized payee and amount and to determine services or goods were received.
(1)________.
(2)________.

Evaluate strategies for mitigating negative effects of cognitive biases in academic contexts.

Distinguish between different forms of cognitive biases and their specific manifestations.

Understand the concept of in-group versus out-group dynamics and identify biases associated with these perceptions.

Differentiate between individualism and collectivism and their impacts on social behavior and attributions.

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Definitions:

Grievance Procedures

Formal processes followed by organizations to address and resolve complaints or disputes raised by employees.

Legal Costs

Expenses associated with legal proceedings, including attorney fees, court fees, and other costs related to the enforcement or defense of legal rights.

Employee Loyalty

The dedication and commitment of workers to their employer, often resulting in longer tenure and high levels of organization engagement.

Distributive Justice

The perceived fairness of the distribution of resources within a society, emphasizing equitable access and allocation.