Settlement of Audit Objections

To detect errors or fraud

To comply with GAAP

To gather sufficient appropriate evidence

To assess audit risk

Examining cutoff points

Counting the number of invoices on sales book

Both A and B

None of these

Be a sufficient source of data for the evaluation of internal controls

Identity the internal control system’s strengths and weaknesses

Be organized by individual functional organizations

Should include simple yes or no responses but no narrative responses

Deposit with banks

Checks

Postdated checks

Money orders

Daily cash sales summary

Salesmen’s summary

Monthly statements sent to customers

Bank statement

No insurance has been undertaken for building

Lien on building

Insurance premium has not been paid

Insurance premium paid but not recorded

evidence for audit conclusions

owned by the client

owned by the auditor

retained in auditor office until a change in auditors

Prior years errors

The auditor remuneration

Adjusted interim financial statement

Prior year financial statements

Financial statement audits

Operational audits

Technical Audits

Compliance audits

Custom

Excise duties

Sales tax

Income tax