analytical procedures

Q: In terms of configuration, what function does the audit trail play?

A: Here is the Answer

Q: Requirements:

A: The percentage of completion method is a revenue recognition accounting concept that evaluates how…

Q: Define specific identification

A: Method of Inventory: Inventory refers to the current assets that a company expects to sell during…

Q: Define control decisions.

A: Managerial accounting: Managerial accounting is a system, or a process of collecting and organizing,…

Q: quantitative materiality

A: First option is wrong because qualitative materiality is based on the nature of the items contained…

Q: dvance and crec

A: As per standard accounting procedures revenue is to be recognized when it is earned and not when it…

Q: explain the importance of internal control procedures.

A: Internal control: Whatever be kind of control, whether economic or related to the management or any…

Q: Define sensitivity analysis

A: The process to evaluate the effect of change in one variable on the end result of a project is…

Q: What is Materiality?

A: Audit is the examination conducted by the professional (auditor) on the financial statements and…

Q: analyzing documentary evidence.

A: Steps in the preparation of a worksheet do not include :- Analysing documentary evidence.

Q: Evaluation of internal control

A: Effectiveness of the internal control of an organization’s system is known as an evaluation of…

Q: explain the relationship between hedging and measuring exposure.

A: Hedging is basically a type of risk management strategy through risk can be reduced significantly…

Q: Describe Detection Risk.

A: Risk: It is the uncertainty about the future events of the company. The adverse chances of choosing…

Q: Which of the following relationships between types of analytical procedures and sources of…

A:

Q: What is an audit trail?

A: The accounting records of an entity are provided in an audit trail. It is used to examine different…

Q: acti

A: On September 1 LGS gives loan to Eden co of 11000 at an interest rate of 7 percent per annum.…

Q: fundamentals

A: Fundamentals of accounting: Accounting is the procedure of data entry and recording, summarizing,…

Q: explain the specific identification approach

A: Introduction:   Inventory valuation is an accounting practice used by businesses to determine the…

Q: Substantive procedures consist of substantive analytical procedures and test of details. *

A: There are two types of substantive procedures -

Q: why to conduct feasivility study

A: Forecasting by financial analysts assists management in determining appropriate ways to attain the…

Q: Identify the most important reasons for performing analytical procedures

A:

Q: When are Analytical Procedures required?

A: Definition:   Audit evidence: The piece of evidence provided by the audit team to prove their…

Q: Describe recognition and measurement concepts.

A: Accounting concepts:   Accounting concepts are referred to the bask assumptions, principle and rules…

Q: Interpretation of the data:

A: We are provided with the monthly sales report and in order to better interpret the data we will have…

Q: List Common Types of Analytical Procedures

A: Definition:   Analytical procedures: Analytical procedures are a method by which standard balances…

Q: Explain the purpose and identify the building blocks of analysis.

A: Financial analysis is the analysis of the financial statements to analyse a entity’s performance and…

Q: How do computer-assisted procedures complete the analytical procedure audit

A: CAATS- CAATS are known as Computer Assisted Audit Techniques. These are the techniques used to…

Q: What is the focus of Analytical Procedures?

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: n planning an audit?

A: Auditors Responsibility is to plan the audit of financial statements so that it helps the auditor to…

Q: Define Ethics.

A: Ethics are a set of moral principles they affect how people in a society make decisions and how…

Q: What procedures are involved in the conduct of a turnaround program?

A: The term "turnaround management program" refers to the restructuring and renewal of a company. When…

Q: Define simulation analysis

A: The Simulation Analysis is a method for analysis, wherein the infinite number of calculations are…

Q: Define benchmarking

A: Definition : Benchmarking can be understood as the method of contrasting company procedures and…

Q: How testing transaction as appropriate in in

A: Internal Control System: An internal controls system includes a group of rules, policies, and…

Q: Discuss internal control consideration.

A: Internal control is a method to ensure the integrity of financial information, targets and…

Q: Define Prepayments.

A: Step 1 The outflow of money to reduce the liabilities occurred in the current accounting period…

Q: Describe sensitivity analysis.

A: Sensitivity analysis refers to the budgeting tool used to evaluate the project based on the net…

Q: Describe attestation and attestation engagement.

A: Attestation is the process of getting financial statements or accounting information attested or…

Q: Distinguish between conceptual and physical systems.

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: research methodology?

A: Research methodology is a technique which is used to identify, select, analyze the information.…

Q: Assurance

A: Assurance: Assurance is a financial coverage that delivers payment for an occurrence that is sure to…

Q: Define specific identification method

A: Define specific identification method?

Q: Define assurance and assurance services.

A: Assurance basically is a type of audit with the main intention of improving the transparency and…