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For the given audit procedure, and from the list provided, identify the type of audit procedure...

For the given audit procedure, and from the list provided, identify the type of audit procedure the auditor performed and the proper classification of the audit procedure.

The auditor reviewed the board of directors' minutes for authorization of new debt financing.

a. The audit procedure is observation and it is a substantive test

b. inspection and substantive test

c. inspection and test of control

d. observation and test of control

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Answer #1

The auditor reviewed the board of directors' minutes for authorization of new debt financing is:-

b. inspection and substantive test

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