Question: StatementsAnswer 1 . Tests of controls and _ _ _ _ _ _ _ _ _ _ are referred to as further audit procedures .

StatementsAnswer1. Tests of controls and __________ are referred to as further audit procedures.2. The examination of large data sets to uncover hidden patterns, unknown correlations and other useful information is referred to as _________.3. A letter signed by officers of the client company at the auditors' request which sets forth certain assertions about the company's financial position and operations is known as a __________.4. The __________ is a schedule listing the balances of accounts in the client's general ledger.5. The auditors develop __________ to recommend to management to correct the effects of errors or fraud in the client's accounting records.6. Without regard to the effect of controls, __________ have a reasonable possibility of containing a misstatement that could cause the financial statements to be materially misstated.7. The term __________ relates to the quantity of evidence that the auditors should obtain.8. A __________ is a type of documentary evidence transmitted directly to the auditors by a third party (e.g., a customer or a vender).
adjusting entries
analytical procedures
changes
confirmation reply
control
data analytics
inversely
lead schedules
permanent file
professional qualifications
relevant assertions
representation letter
substantive procedures
sufficient
working trial balance

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!