1. An auditor's determination whether to utilize analytical procedures as substantive tests usually is determined by the:

Group of answer choices

A. Number of transactions recorded on suspicious dates near year-end that may be concealing fraud (i.e. Christmas Eve)

B. Accounting estimates included in the financial statements

C. Reliability and the precision of the data available to develop an expectation in the current year

D. Evidence that became available in the current year planning phase

2. If the ultimate goal of an auditor through their tests of details is to detect an overstatement of sales, the auditor should trace transactions from the:

Group of answer choices

A. Sales listing to the Cash Receipts listing

B. Cash Receipts listing to the Sales listing

C. Financial Statements to the Source Documents

D. Source Documents to the Financial Statements

3. What is the primary objective of tests of details of transactions performed as substantive tests?

Group of answer choices

A. Evaluate whether the company's internal controls operated effectively

B. Detect material misstatements in the financial statements

C. To assess compliance with Generally Accepted Auditing Standards

D. Attain assurance about the reliability of the IT system used for financial reporting

4. An audit team is looking to identify predictable relationships and perform analytical procedures instead of tests of details to increase the efficiency of their audit. Relationships involving transactions from which of the following accounts would most likely yield the highest levels of appropriate audit evidence?

Group of answer choices

A. Accounts Receivable

B. Accounts Payable

C. Allowance for Doubtful Accounts

D. Payroll Expense

5. A staff auditor has been tasked with auditing their client's accounts receivable balance, which totaled approximately $4 million as of 5/31/22. When testing the existence assertion for the accounts receivable balance, the staff auditor should start with the ____________ and work to the ___________:

Group of answer choices

A. Financial statements; supporting evidence

B. Supporting evidence; financial statements

C. Potentially unrecorded items; financial statements

D. Financial statements; potentially unrecorded items