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​  ACCT 444 Week 3 Homework Solution

​ ACCT 444 Week 3 Homework Solution

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ACCT 444 Week 3 Homework Solution

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Chapter 7

7-27 (Objective 7-4) The following are examples of documentation typically obtained by auditors:

Vendors’ invoices

General ledger files

Bank statements

Cancelled payroll checks

Payroll time records

Purchase requisitions

Receiving reports (documents prepared when merchandise is received)

Minutes of the board of directors

Remittance advices

Signed W-4s (Employee’s Withholding Exemption Certificates)

Signed lease agreements

Duplicate copies of bills of lading

Subsidiary accounts receivable records

Cancelled notes payable

Duplicate sales invoices

Articles of incorporation

Title insurance policies for real estate

Notes receivable

Required

Classify each of the preceding items according to type of documentation: (1) internal or (2) external.

 

Explain why external evidence is more reliable than internal evidence.

.

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