Question: What major difference between (a) Tests of controls and substantive tests of transactions (b) Tests of details of balances makes attributes sampling inappropriate for tests

What major difference between
(a) Tests of controls and substantive tests of transactions
(b) Tests of details of balances makes attributes sampling inappropriate for tests of details of balances?

Step by Step Solution

★★★★★

3.47 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The major difference between a Tests of controls and substantive tests of transactions b Tests o... View full answer

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

185-B-A-A-A (109).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

A considerable portion of the tests of controls and substantive tests of transactions are performed simultaneously as a matter of audit convenience. But the substantive tests of transactions...

What major difference between tests of controls and tests of details of balances makes attribute sampling inappropriate for tests of details of balances?

Examine the tests of controls and substantive tests of transactions results, including the sampling application in Case 18-32, for Ward Publishing Company. Assume that you have already reached...

statement bounds expressed in monetary use the statistical inference process QUESTIONS 17-1 (OBJECTIVE 17-1) What major difference between (a) tests of controls and substantive tests of transactions...

Old MathJax webview Old MathJax webview Old MathJax webview 6-1 Oceanview Marine Company Planning - General December 31, 2018 BC 1/29/2019 Yes No Document Yes Responses Except for previous auditor...

Using the workpapers below please write down the memo using the template below. Oceanview Marine Company 14-3 Audit Program (performance format) OBZ Tests of Controls and Substantive Tests of...

The following tests of controls and substantive tests of transactions audit procedures for acquisitions and cash disbursements are to be used in the audit of Ward Publishing Company. You concluded...

INTEGRATED CASE APPLICATIONPINNACLE MANUFACTURING: PART VII 16-35 (Objectives 16-2, 16-3, 16-4) Parts III, V, and VI of this case study dealt with obtaining an understanding of internal control and...

Define monetary unit sampling and explain its importance in auditing. How does it combine the features of attributes and variables sampling? Begin by defining monetary unit sampling and its...

For the audit of the financial statements of Matthew Fifo Company, Sandy Given this information, Morrison selects a random sample of 80 Morrison, CPA, has decided to apply nonstatistical audit...

Which one of the following statements is not a reason given for issuing shares without a rights offering? Multiple Choice The risk of the subscription price exceeding the market price is significant....

In Figure, a constant force Fa of magnitude 82.0 N is applied to a 3.00 kg shoe box at angle = 53.0o, causing the box to move up a frictionless ramp at constant speed. How much work is done on the...

Replacing the cover is not a hassle

2. Sky Ltd. has two products Cloud and Wind. To produce one unit of Cloud, 2 units of material X and 4 units of material Y are required. To produce one unit of Wind, 3 units of material X and 2 units...

The following is the description of sales and cash receipts for the Lady's Fashion Fair, a retail store dealing in expensive women's clothing. Sales are for cash or credit, using the store's own...

In Parts I and II of this case, you performed preliminary analytical procedures and assessed acceptable audit risk and inherent risk for Pinnacle Manufacturing. Your team has been assigned the...

Section 404(a) of the Sarbanes-Oxley Act requires management of a public company to issue a report on internal control over financial reporting (ICOFR) as of the end of the company's fiscal year....

I would like some direction into gathering the data needed for this problem. I don't need the answer but rather what type of analysis would you recommend? FCF? Walgreen was planning to buy Rite-Aid...

You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $1.850 and you have made every payment on time. The...

I need help filling out this ProForma. Please show the formulas used. Thanks. G H I K L M N 0 Year 3 Year 4 Year 5 % % % Per Door % % * Per Door % Per Door A B D E F 1 Independent Variables for Hotel...