![Analytical procedures are used during the planning phase of the audit, during the testing phase of the audit, and at the end of the audit. Match a purpose of performing the analytical procedures to the audit phase Planning phase (Preliminary analytic review) [选择] Test phase (Analytical procedures) [选择] Final phase (Final analytic review) | [ 选择] Ižt] To obtain evidence to support an account balance To determine that the auditor has a solid understanding of any variances from prior period results To highlight potential areas of concern](http://img.homeworklib.com/questions/14848080-91fe-11eb-adda-93aa177e2f87.png?x-oss-process=image/resize,w_560)
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Analytical procedures are used during the planning phase of the audit, during the testing phase of...
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....
Audit Planning and Analytical Procedures (A)Audit Planning Two independent material situations ar...
Audit Planning and Analytical Procedures (A)Audit Planning Two independent material situations are given below with regards to Manukau Super Timber Limited (S.T.) a large retail company. () Michelle White was the long-term CEO of S.T. until she died unexpectedly during the current financial year. Following her death, her son Ronald White became the new CEO of S.T. and embarked on a rigorous cost-cutting exercise, which included a reduction in key staff in the credit department. (ii) During the planning stage...
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...
Analytical procedures must be used during which phase(s) of the audit? A. Yes yes yes B....
Analytical procedures must be used during which phase(s) of the audit? A. Yes yes yes B. No yes yes C. Yes no no D. No no no
B27 x for Analyze 4 additional analytical procedures that were completed in the planning Days Outstanding...
B27 x for Analyze 4 additional analytical procedures that were completed in the planning Days Outstanding in Accounts Receivable is 3.09 and the industry average is 14.10. This ratio indicates that Earth Wear colects on sales much more quickly than the rest of the industry t o represents a sigricant improvement relative to prior years or EartWear and is beter than expected for this year. This ratio is consistent with a relatively lowwowance bir doubt accounts. Controller explains that tast...
These are more choices to choose from. John Josephs, an audit manager for Tip, Acanoe &...
These are more choices to
choose from.
John Josephs, an audit manager for Tip, Acanoe & Tylerto, was asked to speak at a dinner meeting of the local Small Business Administration Association. The president of the association has suggested that he talk about the various phases of the audit process to help small business owners better understand what auditors do. John has asked you, his trusted assistant, to prepare an outline for his speech. He suggests that you answer the...
Chapter 5 & 6- Basics of the Audit Understand the different types of procedures (analytics, sampling,...
Chapter 5 & 6- Basics of the Audit Understand the different types of procedures (analytics, sampling, year end, interim work)- what they mean, being able to identify examples. (If I give you a procedure can you determine if it is an analytical procedure, work performed at interim, etc.) Understanding the audit risk model- what it means to asses risk as high, moderate, low, or maximum. (Do you do more or less work) (If I change one part of the formula...
QUESTION 4 Audit Planning and Analytical Procedures (15 marks) (A)Audit Planning Your audit firm,...
QUESTION 4 Audit Planning and Analytical Procedures (15 marks) (A)Audit Planning Your audit firm, Samuel and Samuel, is the auditor of Greenfield Pty Ltd (Greenfield), a large proprietary company with a 30 June year end. The company has two subsidiaries: Range Pty Ltd (Range), which runs a sheep station in outback New South Wales, and Doggie Pty Ltd (Doggie) a mobile dog-grooming service for which it generally sells franchises (but which it sometimes operates directly). You have had an initial...
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...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit procedures that will be performed every year for the client. c. How an auditor should think while performing audit procedures d. Audit objectives and procedures to be followed during the audit process ANSWER 24. Which one of the following is the primary reason for documenting audit work? a. To prevent litigation by other parties that question the audit performance. b. To provide a stand-alone...
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....
Audit Planning and Analytical Procedures (A)Audit Planning Two independent material situations are given below with regards to Manukau Super Timber Limited (S.T.) a large retail company. () Michelle White was the long-term CEO of S.T. until she died unexpectedly during the current financial year. Following her death, her son Ronald White became the new CEO of S.T. and embarked on a rigorous cost-cutting exercise, which included a reduction in key staff in the credit department. (ii) During the planning stage...
B27 x for Analyze 4 additional analytical procedures that were completed in the planning Days Outstanding in Accounts Receivable is 3.09 and the industry average is 14.10. This ratio indicates that Earth Wear colects on sales much more quickly than the rest of the industry t o represents a sigricant improvement relative to prior years or EartWear and is beter than expected for this year. This ratio is consistent with a relatively lowwowance bir doubt accounts. Controller explains that tast...
These are more choices to
choose from.
John Josephs, an audit manager for Tip, Acanoe & Tylerto, was asked to speak at a dinner meeting of the local Small Business Administration Association. The president of the association has suggested that he talk about the various phases of the audit process to help small business owners better understand what auditors do. John has asked you, his trusted assistant, to prepare an outline for his speech. He suggests that you answer the...
QUESTION 4 Audit Planning and Analytical Procedures (15 marks) (A)Audit Planning Your audit firm, Samuel and Samuel, is the auditor of Greenfield Pty Ltd (Greenfield), a large proprietary company with a 30 June year end. The company has two subsidiaries: Range Pty Ltd (Range), which runs a sheep station in outback New South Wales, and Doggie Pty Ltd (Doggie) a mobile dog-grooming service for which it generally sells franchises (but which it sometimes operates directly). You have had an initial...
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...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit procedures that will be performed every year for the client. c. How an auditor should think while performing audit procedures d. Audit objectives and procedures to be followed during the audit process ANSWER 24. Which one of the following is the primary reason for documenting audit work? a. To prevent litigation by other parties that question the audit performance. b. To provide a stand-alone...
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