Auditing

1- List 10 terms that can be used when performing substantive tests, ex. Trace, review, etc.

2. Give 2 examples of substantives tests for each of the following: Inventory, A/R, A/P and cash.

3. What is an aged trial balance? How can it be used by an auditor?

4. What is net realizable value of A/R? How is the balance determined?

5. What are analytical procedures? When are they required to be used in an audit? What other times can they be used during an audit? Give examples of analytical procedures.

6. What are substantive tests? When are they used?

7. List 10 terms that can be used when performing substantive tests, ex. Trace, review, etc.

8. Give 2 examples of substantives tests for each of the following: Inventory, A/R, A/P and cash.

9. What is audit evidence? Why is evidence obtained by auditors? How much evidence must the auditor obtain?

10. Distinguish between internal and external audit evidence. Which one is more reliable? Why? 1

1. What is a material misstatement? What must be done if a material misstatement is discovered during the audit?