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Which of the following audit procedures would an auditor most likely?Answer and Explanation: Option (c) is the correct answer. An auditor most likely inquires about the entity's legal counsel concerning litigation, claims, and assessments arising after year-end because it may arise after year-end but before issuance of financial statements for the period.
Which of the following audit procedures would most likely detect lapping?Lapping can be detected by conducted a periodic review of the cash receipts records, to trace payments to outstanding receivables.
How would an auditor normally test for cashed checks?Confirmation Cash Audit Checklist
The primary audit procedure used in testing cash balances is confirmation. In order to test confirmation, auditors ask the company's bankers to verify the balance of the bank accounts directly; responses are sent solely to the auditors.
What is inspection audit procedure?Inspection is an audit procedure based on the examination of records or documents, whether internal or external, that could be held in various forms, ie paper, electronic or similar, or on the physical assessment of an asset.
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