Question: 1. Explain substantive tests of transactions - what do we mean by this term? How does it apply to auditing? 2. Describe the process of

1. Explain substantive tests of transactions - what do we mean by this term? How does it apply to auditing?

2. Describe the process of designing tests of balances.

3. Discuss the meaning of the following terms and how they apply to auditing accounts receivable:

a. tie-in b. completeness c. existence d. accuracy e. rights f. realizable value g. cutoff h. classification

4. Describe the confirmations process. Explain the types of confirmations - and the benefits of each type of confirmation.

5. Describe the steps auditors go through to execute detailed tests of balances.

6. How is a sample selected in an audit process?

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