Which of the following is a listing of details of the audit procedures to be used...
Which of the following is a listing of details of the audit procedures to be used when testing controls and when conducting detailed substantive audit procedures?
a. Audit program
b. Audit data analytics
c. Accounting records
d. Analytical procedures
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Which of the following is a listing of details of the audit
procedures to be used...
Which of the following is true about analytical procedures? Analytical procedures are used in risk assessment,...
Which of the following is true about analytical procedures? Analytical procedures are used in risk assessment, as a substantive procedure for specific accounts, and near the completion of the audit of the audited financial statements. Performing analytical procedures results in the most reliable form of evidence. Analytical procedures are used for planning, but they should not be used to obtain evidence as to the reasonableness of specific account balances. Analytical procedures are tests of controls used to evaluate the quality...
10. Which of the following ratios, used in analytical review would not assist the auditor in...
10. Which of the following ratios, used in analytical review would not assist the auditor in planing ee audit? A. Gross profit margin B. Inventory turnover C. Receivables collection period D. Earnings per share 11. In which of the following stages of audit, would it be inap propriate to conduct an analytical review? A. Audit completion 8. Substantive testing C. Compliance testing D. Audit planning 12. Which of the following statements are true in respect of detection risk? 1) If...
Requirement a. Identify the phase of the audit in which each activity occurs. Phase of Audit...
Requirement a. Identify the phase of the audit in which each activity occurs. Phase of Audit Set acceptable audit risk and decide preliminary judgment about materiality 1. and performance materiality Understand internal control and assess 2. control risk. I. Plan and Design an Audit Approach Perform substantive analytical 3. procedures for accounts payable. II. Perform Tests of Controls and Substantive Tests of Transactions JII. Perform Substantive Analytical Procedures and Tests of Details of Balances 4. Confirm accounts payable. IV. Complete...
Required information Analytical Procedures Read the case and answer the questions that follow. Audit standards require...
Required information Analytical Procedures Read the case and answer the questions that follow. Audit standards require analytical procedures at two stages during the audit: at the risk assessment (planning) phase and again at the end of the audit. They are optionally used as a substantive procedure during the course of an audit. CONCEPT REVIEW: While analytical procedures are similar in structure in both phases (or substantive testing, if used) of the audit, they have different purposes and often different conclusions....
Which overview defines audit strategy? A. The determination of the amount of time to spend testing...
Which overview defines audit strategy? A. The determination of the amount of time to spend testing the client’s internal controls and conducting detailed testing of transactions and account balances. B. Gaining an understanding of the client, including identifying risk factors. C. Performing tests of controls and detailed substantive testing of transactions and accounts. D. Evaluation of results of the detailed testing in light of the auditor’s understanding of the client and forming an opinion on the fair presentation of the...
1. A CPA has accepted an engagement in which inquiry and analytical procedures are the primary...
1. A CPA has accepted an engagement in which inquiry and analytical procedures are the primary procedures to be performed. These procedures will form the basis for issuance of: A) A compilation report B) Audit report on supplemental information issued by the client C) An agreed-upon procedures report D) Review report on financial statements for a nonpublic company 2. Auditors frequently use analytical procedures as substantive tests, but this is not required by auditing standards. A) True B) False 3....
help asap Indicate which of the following audit procedures, used as tests of controls, do NOT...
help asap
Indicate which of the following audit procedures, used as tests of controls, do NOT involve audit sampling: 1) Observing and evaluating segregation of duties. 2) Testing of whether sales invoices are supported by authorized customer orders and shipping documents. 3) Reviewing client's procedures for accounting for the numerical sequence of shipping documents 4) Examining sales orders for proper credit approval. 5) Recomputing the information on copies of sales invoices. 6) Comparing the average days outstanding in accounts receivable...
give explanation Indicate which of the following audit procedures, used as tests of controls, do NOT...
give explanation
Indicate which of the following audit procedures, used as tests of controls, do NOT involve audit sampling: 1) Observing and evaluating segregation of duties. 2) Testing of whether sales invoices are supported by authorized customer orders and shipping documents 3) Reviewing client's procedures for accounting for the numerical sequence of shipping documents 4) Examining sales orders for proper credit approval. 5) Recomputing the information on copies of sales invoices. 6) Comparing the average days outstanding in accounts receivable...
Consider AICPA guidance. Why should an auditor perform risk assessment procedures? Also, what are three risk assessment...
Consider AICPA guidance. Why should an auditor perform risk assessment procedures? Also, what are three risk assessment procedures an auditor should undertake in order to assess an entity's risks of material misstatement in an audit? Consider AICPA guidance. Can analytical procedures be used as a form of substantive testing? Citing from the applicable AU-C, justify your response. Locate the PCAOB's audit standard on performing integrated audits. When an auditor is reporting on the results of an audit, must the auditor...
For each of the following audit procedures listed below perform the following: Indicate the type of...
For each of the following audit procedures listed below perform the following: Indicate the type of audit test each represents (A) test of controls only, (B) substantive test of details only, (C) substantive analytical procedure only, (D) dual test. Only one should be selected for each procedure. 1. Recalculate accrued interest for the 12 months ended 12/31/2019. 2. Select a sample of purchases from the purchases journal and agree to vendor invoices and receiving documents. 3. Confirm cash balances and...
10. Which of the following ratios, used in analytical review would not assist the auditor in planing ee audit? A. Gross profit margin B. Inventory turnover C. Receivables collection period D. Earnings per share 11. In which of the following stages of audit, would it be inap propriate to conduct an analytical review? A. Audit completion 8. Substantive testing C. Compliance testing D. Audit planning 12. Which of the following statements are true in respect of detection risk? 1) If...
Requirement a. Identify the phase of the audit in which each activity occurs. Phase of Audit Set acceptable audit risk and decide preliminary judgment about materiality 1. and performance materiality Understand internal control and assess 2. control risk. I. Plan and Design an Audit Approach Perform substantive analytical 3. procedures for accounts payable. II. Perform Tests of Controls and Substantive Tests of Transactions JII. Perform Substantive Analytical Procedures and Tests of Details of Balances 4. Confirm accounts payable. IV. Complete...
Required information Analytical Procedures Read the case and answer the questions that follow. Audit standards require analytical procedures at two stages during the audit: at the risk assessment (planning) phase and again at the end of the audit. They are optionally used as a substantive procedure during the course of an audit. CONCEPT REVIEW: While analytical procedures are similar in structure in both phases (or substantive testing, if used) of the audit, they have different purposes and often different conclusions....
help asap
Indicate which of the following audit procedures, used as tests of controls, do NOT involve audit sampling: 1) Observing and evaluating segregation of duties. 2) Testing of whether sales invoices are supported by authorized customer orders and shipping documents. 3) Reviewing client's procedures for accounting for the numerical sequence of shipping documents 4) Examining sales orders for proper credit approval. 5) Recomputing the information on copies of sales invoices. 6) Comparing the average days outstanding in accounts receivable...
give explanation
Indicate which of the following audit procedures, used as tests of controls, do NOT involve audit sampling: 1) Observing and evaluating segregation of duties. 2) Testing of whether sales invoices are supported by authorized customer orders and shipping documents 3) Reviewing client's procedures for accounting for the numerical sequence of shipping documents 4) Examining sales orders for proper credit approval. 5) Recomputing the information on copies of sales invoices. 6) Comparing the average days outstanding in accounts receivable...
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