Question: Which of the following is not a basic procedure used in an audit? a. Risk assessment procedures. b. Substantive procedures. c. Tests of controls. d.

Which of the following is not a basic procedure used in an audit?

a. Risk assessment procedures.

b. Substantive procedures.

c. Tests of controls.

d. Tests of direct evidence.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Model Based Testing For Embedded Systems Questions!

Q:

1. Audit evidence will typically consist of ________. Group of answer choices information that supports the auditors initial assessment of audit risk all observations made by the auditor all records...

Q:

21. Time Remaining 59 minutes 57 seconds 21. Which of the following is not a basic procedure used in an audit? Multiple Choice Substantive tests of account balances. Substantive tests of detailed...

Q:

Which of the following is not a basic procedure used in an audit? Analytical procedures. Substantive tests of detailed evidence. Tests of controls. Substantive tests of account balances.

Q:

1. Which of the following arranges the general types of audit tests in the order they are normally performed in an audit? Substantive procedures, tests of controls, and risk assessment procedures....

Q:

Question 20 1pts The current file of an auditor's working papers most likely would include a copy of the Group of answer choices Articles of incorporation Bank reconciliation Flowchart of the...

Q:

30) Which of the following audit tests form the basis for an auditor's report on internal control over financial reporting? A) tests of controls B) tests of transactions C) analytical procedures D)...

Q:

Identify which procedures are performed to assess control risk and which procedures are performed to achieve planned detection risk. help the financial statement auditor assess the likelihood of...

Q:

46) When dealing with fraudulent financial reporting risk for accounts payable, A) companies will generally tend to overstate accounts payable. B) companies have used fictitious reductions to...

Q:

46) When dealing with fraudulent financial reporting risk for accounts payable, A) companies will generally tend to overstate accounts payable. B) companies have used fictitious reductions to...

Q:

It is crucial to performs three types of audit procedures, namely the risk assessment procedures, the test of controls, and substantive procedures (Whittington & Pany, 2019). The process involves...

Q:

Recently, the owner of a Trader Joes franchise decided to change how she compensated her top manager. Last year, she paid him a fixed salary of $ 65,000, and her store made $ 120,000 in profits (not...

Q:

A bar of gold measures 0.278 m x 0.0594 m x 0.0374 m. How many gallons of water have the same mass as this bar? 1gallon is 3.785 x 10^-3 m^3. Density of gold is 19300kg/m^3, and density of water is...

Q:

Does target account for share repurchases as ( a ) treasury stock

Q:

What steps could a company take to avoid making product design and marketing mistakes when introducing new products into East Germany? How would you go about hiring a plant manager for a facility you...