Of the Following, Which Is the Most Efficient Audit Procedure

question 64

Multiple Choice

Of the following, which is the most efficient audit procedure for verification of interest earned on bond investments?

• A)Tracing interest declarations to an independent record book.
• B)Recomputing interest earned using the interest rate and bond amount.
• C)Confirming the interest rate with the issuer of the bonds.
• D)Vouching the receipt and deposit of interest checks.

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Definitions:

Internal Team Leader

A member of an organization who is given the responsibility to guide, manage, and motivate a team within the same organization.

Facilitating Participation

The act of making it easier for all members of a group to be involved in decision-making and contributing to a project or goal.

Assigned Blame

This refers to the process of assigning responsibility for a problem or mistake to a person or group.

Stated Objectively

Expressed in a manner that is unbiased, impartial, and not influenced by personal feelings.