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:

Observe opening of cash receipts to determine that cash receipts are promptly deposited and recorded.

a) Type of Audit Evidence: Analytical Procedures; Transaction-Related Audit Objective: Completeness.
b) Type of Audit Evidence: Inspection of Documents; Transaction-Related Audit Objectives: Existence and Accuracy.
c) Type of Audit Evidence: Observation; Transaction-Related Audit Objective: Completeness.
d) Type of Audit Evidence: Confirmation; Transaction-Related Audit Objective: Existence.

Answer 1

The type of audit evidence used for each audit procedure and the corresponding general transaction-related audit objectives.

Step-by-step explanation:

a) Type of Audit Evidence: Observation; Transaction-Related Audit Objective: Completeness.

b) Type of Audit Evidence: Inspection of Documents; Transaction-Related Audit Objectives: Existence and Accuracy.

c) Type of Audit Evidence: Observation; Transaction-Related Audit Objective: Completeness.

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