Question

Identify the type of audit evidence used for each audit procedure.

Identify the general transaction-related audit objective or objectives satisfied by each audit procedure.

Audit procedure:

Ask the accounts payable clerk about procedures for verifying prices, quantities, and extensions on vendors' invoices.

a) Type of Audit Evidence: Inquiry; Transaction-Related Audit Objectives: Accuracy and Completeness.
b) Type of Audit Evidence: Confirmation; Transaction-Related Audit Objective: Existence.
c) Type of Audit Evidence: Physical Examination; Transaction-Related Audit Objective: Classification.
d) Type of Audit Evidence: Reperformance; Transaction-Related Audit Objective: Accuracy.

Answer 1

Different types of audit evidence and their corresponding audit objectives.

Step-by-step explanation:

a) Type of Audit Evidence: Inquiry; Transaction-Related Audit Objectives: Accuracy and Completeness.

b) Type of Audit Evidence: Confirmation; Transaction-Related Audit Objective: Existence.

c) Type of Audit Evidence: Physical Examination; Transaction-Related Audit Objective: Classification.

d) Type of Audit Evidence: Reperformance; Transaction-Related Audit Objective: Accuracy.