Question: When are analytical procedures required on an audit? What is the primary purpose of analytical procedures during the completion phase of the audit?

When are analytical procedures required on an audit? What is the primary purpose of analytical procedures during the completion phase of the audit?

Step by Step Solution

★★★★★

3.40 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Analytical procedures are required during two phases of the audit 1 During the planning ph... View full answer

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

Document Format (1 attachment)

Word file Icon

185-B-A-A-P (231).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Q:

What is the primary purpose of an accounting system?

Q:

What is the primary purpose of a stock split?

Q:

What is the primary purpose of comparative financial statements?

Q:

1. Which of the following procedures is not included in a review engagement?* A. Inquiries of management. B. Inquiries regarding events after the balance sheet date. C. Any procedures designed to...

Q:

When are analytical procedures required in an audit? What is the primary purpose of analytical procedures during each phase of the audit?

Q:

put together a report discussing the auditor's use if analytical procedures in conducting an audit. what are the primary analytical procedures that auditors use? why are analytical procedures...

Q:

write a report discussing the auditor's use if analytical procedures in conducting an audit. what are the primary analytical procedures that auditors use? why are analytical procedures necessary on...

Q:

Question: Create a 20- to 30-minute presentation, with 15 to 20 slides based the team scenario assignments from Weeks 3 and 4 (Initial Risk Assessment, Analytical Procedures, Materiality and Risk,...

Q:

1. The purpose of risk assessment procedures is to a. Obtain an understanding of the entity and its environment b. Reduce detection risk c. Evaluate management ability d. Determine the operating...

Q:

Question 26 1 pts When considering the use of management's written representations as audit evidence about the completeness assertion, an auditor should understand that such representations...

Q:

PLE Constructions received the client approval to build the home. The client approved your scope (as depicted in the given WBS) - remember Assignment #1 WBS. Now it's time to determine how long it...

Q:

A nonconducting container tilled with 25 kg of water at 20 C is fitted with a stirrer, which is made to turn by gravity acting on a weight of mass 35 kg. The weight falls slowly through a distance of...

Q:

Why is it not possible to prepare a budgeted income statement by using only operating budgets?

Q:

[Assignment Problem] A company has two grades of inspectors, 1 and 2 to undertake quality control inspection. At least 3,500 pieces must be inspected in an 8 hour day. Grade 1 inspector can check 50...

Q:

Western Transport Limited (WTL) is a national trucking company. When goods are shipped, the shipment process is initiated using a waybill, recording weight, size, and number of goods moved. When the...

Q:

Lifed & Verboten, Public Accountants, are the auditors of numerous credit unions in your city. The CFO of Ethnic Credit Union (ECU) recently called Sarah Lifed about his concerns with respect to one...

Q:

The following questions concern computer-assisted audit tests. Choose the best answer. a. Which of the following is not a data communications risk? * (1) Viruses that are transmitted by e-mail (2)...

Q:

1 . In learning unit 1 you are introduced to a variety of policy and legislative measures in managing public finance. In your view, which one of these measures is themost important guidelinefor a...

Q:

and P2 - 1) Suppose there are two consumers. Consumer 1 has the demand func- tion y(p) 20 - P1/2, the second consumer has the demand function y(p2) = 15 - p2/2. Inverse demands are then given by p =...

Q:

The coupon rate on an issue of debt is 9% . The yield to maturity on this issue is 10% . The corporate tax rate is 35% . What would be the approximate after-tax cost of\ debt for a new issue of...