Analytical procedures used in the overall review stage of an audit generally include a. Gathering evidence concerning

Question:

Analytical procedures used in the overall review stage of an audit generally include

a. Gathering evidence concerning account balances that have not changed from the prior year.

b. Retesting control procedures that appeared to be ineffective during the assessment of control risk.

c. Considering unusual or unexpected account balances that were not previously identified.

d. Performing tests of transactions to corroborate management's financial statement assertions.

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

Step by Step Answer:

Related Book For book-img-for-question

Auditing An Assertions Approach

ISBN: 9780471134213

7th Edition

Authors: G. William Glezen, Donald H. Taylor

See More Books

Question Posted: May 08, 2024 01:31 AM

See More Questions

Reply to the following questions relating to analytical procedures. a. Performing analytical procedures may help an auditor to: (1) Achieve audit objectives related to a particular assertion. (2)...
Multiple Choice Questions 1. Analytical procedures performed in the overall review stage of an audit suggest that several accounts have unexpected relationships. These results most likely would...
Multiple Choice 1. An auditor would be most likely to identify a contingent liability by obtaining a (n) a. Accounts payable confirmation. b. Bank confirmation of the entitys cash balance. c. Letter...
The potential losses are sorted in the following table. The absolute VaR is 8 Million. What is the relative expected shortfall from the mean? Sorted returns Returns ( Million) -12 -10 -8 -6 -4 -3 -1.5
(a) Verify the orthogonality of the sample polynomial vectors in (5.71). (b) Construct the next orthogonal sample polynomial q4(t) and the norm of its sample vector. (c) Use your result to compute...
1. Limiting sales territories is one of the common restrictions that franchise contractsimpose on franchisees. Do an Internet search for Two Men And A Truck franchises in your immediate area. How...
Is there a cluster of physical ecological circumstances that can be identified as relevant to all stakeholders? List and relate them to the respective stakeholders.
Firwood Manufacturing Co. had a contract to sell General Tire 55 model 1225 postcure inflators (PCIs). PCIs are $30,000 machines used by General Tire in its manufacturing process. The contract was...
Watch the short video, " Why we can't shop our way to a better economy " by Stacy Mitchell, and make an original post describing your thoughts and new considerations on the material described in the...
In the course of an audit, the auditor will normally prepare a schedule of unadjusted differences for which the auditor did not propose adjustment when they were uncovered. What is the primary...
If an auditor has substantial doubt as to an entity's ability to continue as a going concern, he or she should a. Discontinue the audit. b. Consider management's plans for generating additional cash...
Find dy/dt. y = (t- 3/4 sin t) 4/3
What is global investment outlook for US Large Cap Market, the mutual fund Akre Focus Instl-AKRIX?
Please write Apply content marketing fundamentals principles to develop a basic content marketing strategy and plan including: storytelling, content marketing mission, audience persona, brand voice,...
A tortoise and hare start from rest and have a race. As the race begins, both accelerate forward.The hare accelerates uniformly at a rate of 1 . 7 m / s ^ 2 for 4 . 0 s . It then continues at a...
"A Company has a bond outstanding with a face value of $10000 that reaches maturity in 5 years. The bond certificate indicates that the stated coupon rate for this bond is 4.9% and that the coupon...
Following is the balance sheet for Lowe's Companies Inc. LOWE'S COMPANIES INC. Consolidated Balance Sheet $ millions, except par value Feb. 1, 2019 Current assets Cash and cash equivalents $327...
A 75-hp compressor in a facility that operates at full load for 2500 h a year is powered by an electric motor that has an efficiency of 88 percent. If the unit cost of electricity is $0.06/kWh, the...
Comptech Ltd is a manufacturer of optical equipment. In September 2019, Ed Thompson the Chief Research Officer, attended a conference in Switzerland that focused on optical developments for the 21st...
Continental Railroad Company is evaluating three capital investment proposals by using the net present value method. Relevant data related to the proposals are summarized as follows: Maintenance Ramp...
The accounts of Try It Out Corporation are listed along with their adjusted balances before closing for the year ended June 30, 2023. Prepaid Expenses 1,000 Accounts payable $ 16,700 Inventory...
Calculate the CVP investment? The following information is available for Wade Corp.: Total fixed Sales $580,000 $150,000 expenses Cost of goods Total variable 390,000 360,000 sold expenses

Analytical procedures used in the overall review stage of an audit generally include a. Gathering evidence concerning

Question:

Step by Step Answer:

The correct answer is c Considering unusual or unexpected account balances th...View the full answer

Auditing An Assertions Approach

Students also viewed these Business questions