Generally Accepted Auditing Standards and Statements on Auditing Standards are considered to be:
1. Optional standards of performance for auditors
2. A guidance for internal auditors
3. Part of auditors required standards of performance
4. Minimum standards of performance for auditors.

Which of the following is one of the substantive analytical procedures can be used in the audit of PP&E?
1. Description, location, and ID number
2. Compare prior-year balances in PP&E and depreciation expense with current-year balances
3. These schedules are footed and agreed to the general ledger
4. Depreciation methods for book and tax purposes, salvage value, and estimated useful life.

An efficient long term debt auditing is to follow a strategy of conducting:
1. Control testing
2. Detailed testing
3. Transaction testing
4. Substantive testing.

Answer rating: 100% (QA)

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