Substantive procedures: a. are done only if control testing is not done. b. are designed to detect

Question:

Substantive procedures:

a. are done only if control testing is not done.

b. are designed to detect material misstatements at the assertion level.

c. eliminate all risk of material misstatement in the financial statements.

d. are only performed if tests of controls indicate controls are not working.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing A Practical Approach

ISBN: 9781119709497

4th Canadian Edition

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren

See More Books

Question Posted: Feb 27, 2024 03:10 AM

See More Questions

Tia is discussing with Rory and Leigh the risks they identified and how this information will be used in the audit risk model. Tia comments, The audit risk model provides us with a guide for our...
MULTIPLE-CHOICE QUESTIONS 1. Which of the following statements is true regarding the concept of materiality? a. Materiality is the magnitude of an omission or misstatement of accounting information...
Sharon Gallagher (audit manager), Josh Thomas (audit senior), Ian Harper, and Suzie Pickering (both audit staff) are meeting to discuss their internal control assessment for Cloud 9. Sharon asks,...
August 8, 2019, was a grim day at the San Francisco headquarters of Uber, the global leader in ride-hailing companies. That day it announced a staggering loss of $5.2 billion in just the previous 3...
Compare and contrast RAND's Six Steps (2005) and Leppitt's Integrated Model (2006). Be sure to include an explanation of when an organization would prefer to use one model over the other and the...
A car has a mass of 1500 kg . If the driver applies the brakes while on a gravel road, the maximum friction force that the tires can provide without skidding is about 7000 . If the car is moving at...
Discuss the distinctions among negligent torts, intentional torts, and strict liability.
Assume the same information as E14-9 and that Steffi Graf Inc. reports net income in 2008 of $120,000 and in 2009 of $140,000. Total holding gains (including any realized holding gain or loss)...
You are working as a financial adviser. Jackson, one of your clients, approached you for a consultation about his plan to save for his daughter's education in the United States that will cost him...
Tracing is: a. not a useful audit procedure. b. tracking source documents back to the underlying accounting records. c. the main audit procedure used to gather evidence on the existence assertion. d....
Concerns have been raised over building an Alberta pipeline. Amid the international environmental movement, the pipeline has emerged as a significant environmental concern. Assume you are a member of...
In 2018 the price of oil fell to a 14-year low. For drivers, the cost of driving fell significantly as gasoline prices plunged. For the airline industry, the cost of operation also fell significantly...
The following are emails from various students to Dr. Destiny Sands, who is a professor in the English Department. These students are wondering if Dr. Sands would let them register for her...
Listed here are several things an organization might like its employees to do: 1. Write fewer emails. 2. Volunteer at a local food pantry. 3. Volunteer to recruit interns at a job fair. 4. Attend...
Use $1 \times 2$ Gauss rule to evaluate the integral $I=\iint x y^{2} \mathrm{~d} x \mathrm{~d} y$ over the rectangular region shown in the figure. Explain why the above estimate is or is not...
Revise each of the following sentences to focus on the options that remain, not those that are closed off. 1. Applications that are postmarked after January 15 will not be accepted. 2. All new...
Youre the director of corporate communications and the employee newsletter is produced by your office. Today you receive this email message from Tonya Freira: Write a response to Tonya Freira. Also,...
(a) Use the atomic masses m = 13.00574 u for 7 13 N and m = 13.003354 u for 6 13 C to calculate the Q value (in MeV) for the decay 7 13 N 6 13 C + + + v e (b) Explain why you need to add two...
Write a paper about the Working relationship in the organization- collaboration within and outside the organization
Describe the expectation gap.
A sample audit report is provided in figure 1.2 in this chapter. A sample review engagement report is provided. Required (a) Explain the relevance of the paragraphs "Management's responsibility for...
A sample audit report is provided in figure 1.2 in this chapter. A sample review engagement report is provided. Required (a) Explain the relevance of the paragraphs "Management's responsibility for...
A sole proprietor has a business with the following assets: UCC at * 21 years remain The following transactions occurred during the year: Purchased additional computer equipment for $17,000. Sold...
Advance Inc. manufactures beach umbrellas and reclining beach chairs. Due to unseasonably warm weather, Advance received a large order for 400 umbrellas and 2,200 chairs. Each umbrella sells for $48,...
Creating alignment in business why it is important and how you implement it to a competitive environment

Substantive procedures: a. are done only if control testing is not done. b. are designed to detect

Question:

Step by Step Answer:

Substantive procedures b are designed to detect material ...View the full answer

Auditing A Practical Approach

Students also viewed these Business questions