“Reviews are substantially less in scope than an audit” means: a) Analytical procedures are not applied...
“Reviews are substantially less in scope than an audit”
means:
a) Analytical procedures are not applied
b) Inquiries were not made
c) Evidence is not gathered
d) All of the above
Homework Answers
D) All of the above
Audit procedures involve inquiries from management, understanding the internal control system of the organization, performing analytical procedures, obtaining confirmations etc.
Review procedures involve inquiries about the practices and principles used by businesses, actions taken by managers of the company, information related to subsequent events etc
Hence, the scope in case of review is less as compared to audit.
Add Answer to:
“Reviews are substantially less in scope than an audit”
means:
a) Analytical procedures are not applied...
_____ means the application of audit procedures to less than 100% of the items
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Analytical procedures reveal significant unexpected differences between recorded amounts and the expectations developed by the auditor....
Analytical procedures reveal significant unexpected differences between recorded amounts and the expectations developed by the auditor. If management is unable to provide an acceptable explanation, the auditor should A. Consider the matter a scope limitation. B. Perform additional audit procedures to investigate the matter further. C. Intensify the audit with the expectation of detecting management fraud. D. Withdraw from the engagement.
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....
Analytical procedures must be used during which phase(s) of the audit? A. Yes yes yes B....
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II. Classify each of the following according to type of audit evidence: A. Analytical procedures E....
II. Classify each of the following according to type of audit evidence: A. Analytical procedures E. Observation B. Confirmation F. Inspection of Assets ( i.e. Physical Examination) c. Examination of Documents G. Recalculation D. Inquiry Reperformance I. Scanning Items 1. Cheet Check the extensions (multiplications) on sales invoices. 2. The auditor tests interest expense by developing an overall reasonableness test rather than redoing all the bond amortization schedules. (Don't use G, recalculation) Vouch sales invoices to related shipping documents to...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit procedures attached, indicate the type of audit evidence being obtained by the auditor. Choose your answer from the list below, selecting the best choice for the procedure TYPES OF AUDIT EVIDENCE Inspection of Documents--Tracing 2) Inspection of Documents--Vouching 3) Inspection of Documents-Scanning 4) Physical Inspection 5) Observation 6) Inquiry 7) Confirmation 8) Recalculation C9) Reperformance 10) Analytical Procedures EXAMPLES OF AUDIT PROCEDURES PERFORMED BY...
need all the answers just answers 16. Analytical procedures include: a. Horizontal (Trend) Analysis. b. Vertical...
need all the answers just answers
16. Analytical procedures include: a. Horizontal (Trend) Analysis. b. Vertical Analysis. C. Both a and b above. d. None of the above. able. 17. Which of the following conditions is not indicative of fraud: a. Last-minute adjustments that significantly affect financial results. b. Unusual discrepancies between the entity's records and confirmation replies c. Small size of internal audit department. d. Undue time pressures imposed by management to resolve complex or contentious issues. 18. Controls...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit...
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6. Attestation risk is limited to a low level in which of the following engagements? a...
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For each of the following specific audit procedures, indicate the type of audit evidence it is...
For each of the following specific audit procedures, indicate the type of audit evidence it is gathering: (1) Inspection of records or documents, (2) inspection of tangible assets (3) observation, (4) inquiry, (5) confirmation, (6) recalculationreperformance (8) analytical procedures, and (9) scanning. The audit evidences can be used more than once a Discussing the recording of sales discounts in the fourth quarter with the accounts receivable manager b Examining sales invoices for supporting customer order and shipping documents c Reviewing...
II. Classify each of the following according to type of audit evidence: A. Analytical procedures E. Observation B. Confirmation F. Inspection of Assets ( i.e. Physical Examination) c. Examination of Documents G. Recalculation D. Inquiry Reperformance I. Scanning Items 1. Cheet Check the extensions (multiplications) on sales invoices. 2. The auditor tests interest expense by developing an overall reasonableness test rather than redoing all the bond amortization schedules. (Don't use G, recalculation) Vouch sales invoices to related shipping documents to...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit procedures attached, indicate the type of audit evidence being obtained by the auditor. Choose your answer from the list below, selecting the best choice for the procedure TYPES OF AUDIT EVIDENCE Inspection of Documents--Tracing 2) Inspection of Documents--Vouching 3) Inspection of Documents-Scanning 4) Physical Inspection 5) Observation 6) Inquiry 7) Confirmation 8) Recalculation C9) Reperformance 10) Analytical Procedures EXAMPLES OF AUDIT PROCEDURES PERFORMED BY...
need all the answers just answers
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