1. Which of the following is not a substantive audit procedure for estimates of management? a. recalculating...
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Question:
1. Which of the following is not a substantive audit procedure for estimates of management?
a. recalculating the mathematical estimate
b. observing whether estimates are prepared by qualified personnel
c. developing an independent estimate based on alternative assumptions
d. comparing the estimates of management to subsequently discovered facts before the end of the field work
2. Taking a "big bath" in the financial statements refers to
a. overstating income
b. overstating revenues
c. understating income
d. an economic downturn
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
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