Distinguish between a test of control and a substantive test of transactions. Give two examples of each.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 90% (11 reviews)
Tests of controls are audit procedures to test the operating effectiveness of control policies and p...View the full answer
Answered By
Shem Ongek
I am a professional who has the highest levels of self-motivation. Additionally, I am always angled at ensuring that my clients get the best of the quality work possible within the deadline. Additionally, I write high quality business papers, generate quality feedback with more focus being on the accounting analysis. I additionally have helped various students here in the past with their research papers which made them move from the C grade to an A-grade. You can trust me 100% with your work and for sure I will handle your papers as if it were my assignment. That is the kind of professionalism that I swore to operate within. I think when rating the quality of my work, 98% of the students I work for always come back with more work which therefore makes me to be just the right person to handle your paper.
4.80+
174+ Reviews
426+ Question Solved
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
Question Posted:
Students also viewed these Auditing questions
-
Give two examples for each of the following: (a) An intangible good, (b) A tangible good, (c) A bad.
-
State one test of control and one substantive test of transactions that the auditor can use to verify the following sales transaction-related audit objective: Recorded sales are stated at the proper...
-
Give two examples of each of the following: (a) A diatomic molecule containing atoms of the same element, (b) A diatomic molecule containing atoms of different elements, (c) A polyatomic molecule...
-
Simplify the given expressions. Express all answers with positive exponents. 25/7/7/4 2/3 a
-
In each case find the matrix A. (a) (b) A +2 0 2 2410 -12.1) =44-9 1 0
-
In Exercises consider an eight-pound object dropped from a height of 5000 feet, where the air resistance is proportional to the velocity. Write the velocity of the object as a function of time when...
-
The toroid in Figure P29.52 has 200 rectangular windings, and the toroid radii are \(R_{\text {in }}=160 \mathrm{~mm}\) and \(R_{\text {out }}=\) \(240 \mathrm{~mm}\). The height of each winding is...
-
Inherent risk at the financial statement level relates to (a) business and operating-related risks and (b) financial reporting risks. The Professional Judgment in Context feature, "Risks Associated...
-
a. Real Estate exhibits a number of features which make them distinct from other types of investments. Identify and explain any five of the features given by international real estate investors...
-
Allie has bought a new apple orchard. The orchard has a single file of trees, numbered from 1 to N. Each tree has a certail number of ripe apples. Allie has a rule she wants to follow. She wants to...
-
What is the purpose of tests of controls? Identify specific accounts on the financial statements that are affected by performing tests of controls for the acquisition and payment cycle.
-
State a test of control audit procedure to test the effectiveness of the following control: Approved wage rates are used in calculating employees' earnings. State a substantive test of transactions...
-
The figure shows the costs of Quick Copy, one of many copy shops near campus. If the market price of copying is 10 a page, calculate Quick Copys a. Profit-maximizing output. b. Economic profit. MC...
-
(a) State exactly what property the string input by the user must have for the program below to print "Yes..." Explain the program logic concisely but clearly (i.e. give the key steps). (2 marks) int...
-
What are some recent (within the past 12 months) articles, webinars, or blogs on effective Human Resource Management strategies? Identify key information for managers and why. How would one apply the...
-
5. Unemployment insurance and permanent job loss. Workers sometimes lose their jobs due to international trade. These jobs are permanently gone, and many displaced workers have difficulty finding a...
-
Describe the distribution channel for a new line of suntan lotions, which comes with stencils so the user can have a "tan tattoo". What niche marketing would be used in the promotion of the product?...
-
Continuing with Brock (aged 23 years old) is employed as an electrician in Brisbane with H20Electricity Pty Ltd (GST registered). Brock provides you with the following information for theincome...
-
Suppose Midtown Community Bank has received a loan application at t = 0 from a firm that currently has no assets except for an investment opportunity available one period hence, at t = 1. The...
-
The executor of Gina Purcells estate has recorded the following information: Assets discovered at death (at fair value): Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
To what extent and why do you think that the creation of a VMS can improve the performance of a channel and its members?
-
What is the purpose of a control risk matrix?
-
What four types of procedures are used by auditors to test whether internal controls are operating effectively?
-
Why are the financial statement audit findings relevant to the auditors opinion on the effectiveness of internal controls over financial reporting?
-
Victor Korchnoi bought a bond one month before a semi-annual coupon was due. The face value was $10,000 and the coupon rate 8.5%. At the time of purchase there were 34 coupons left and the YTM was 6%...
-
4. Consider a 30-year U.S. Treasury bond paying 4.5 percent coupon, and selling for $1010. What is the yield to maturity? Make sure to show your work. 5. A 30-year U.S. corporate bond with a 6...
-
A project's base case or most likely NPV is $44,000, and assume its probability of occurrence is 50%. Assume the best-case scenario NPV is 65% higher than the base case and assume the worst scenario...
Study smarter with the SolutionInn App