Accounting Practices Quiz

Necessary for audit quality control purposes and provide evidence that an effective audit has been carried out (correct)

Primarily for internal record-keeping and have no impact on the audit process

Used for tax assessment purposes and to prepare financial statements

Serve as marketing materials for the auditing firm

Employee payroll records, inventory lists, purchase orders, and sales invoices

Summary of client's nature of business, business process flow, audit program, obtained documents, and audit testing documents (correct)

Legal contracts, marketing materials, organizational charts, and annual reports

Financial statements, tax returns, management letters, and bank statements

Ensure compliance with tax regulations and reporting requirements

Serve as historical archives with no relevance to current audits

Provide assurance that the work delegated by the audit partner has been properly completed (correct)

Simplify the audit process by eliminating the need for client interaction

<p>Examples of the actual ledger and journal used by organizations</p> Signup and view all the answers

<p>Identification and use of general payment vouchers</p> Signup and view all the answers