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

Q: What are tests of controls? What is the audit team’s goal in performing them in an…

A: Tests of controls: Test of control is performed by the auditor to verify that whether the control…

Q: Discuss with examples, what are substantive audit procedures.

A: Audit procedures are the steps that auditors take to gather all information about the quality of…

Q: What are the broad classes of facts that need to be gathered in the system survey?

A: Accounting Information System: AIS collects, records, stores and processes accounting and other data…

Q: What are the auditor's responsibilities for 'going concern assumptions’'?

A: The going concern is an accounting assumption where it is assumed that the business will be carried…

Q: Identify the most important reasons for performing analytical procedures.  b) Describe the broad…

A: Analytical procedure is the procedure which is carried out by the auditors at the preliminary stage…

Q: How can data analysis be used to identify stakeholders?

A: Stakeholder analysis involves the study of identifying, collecting, and analyzing data on different…

Q: What analytical procedures might be informative regarding the existence assertion?

A: The existence of assertion is the assertion that liabilities, assets and shareholders equity…

Q: and is objecting to an assessment received from SARS

A: In Republic of South Africa   South African Revenue Services is the tax…

Q: When are analytical procedures required, and when are they optional?

A:

Q: What are analytical procedures, and why are they a useful audit tool?

A: Analytical procedures are those procedures that are used as a substantive test to obtain evidence…

Q: factor to be considered by an auditor while performing analytical procedures?

A: Option a is wrong because it is a correct statement. Auditor will procure an expected amounts or…

Q: analytical procedures

A: First option is correct because analytical procedures assist to identify the risk by comparing the…

Q: Define emphasis-of-matter and other-matter paragraphs. What type of information do auditorsprovide…

A: Emphasis-of-matter: This is a type of paragraph in an auditor's report on the financial statement.…

Q: Define agency problems,

A: Agency problems occur when the managers use the firm's resources to invest in projects that may not…

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

A:

Q: Which of the following evidence gathering techniques is a CPA most likely to be utilized when…

A: Audit Evidence: The information gathered by an auditor in order to determine the correctness and…

Q: Neutrality of information in the fi nancial statements most closely contributes to which qualitative…

A: The qualitative characteristic of the financial information refers to that attribute of the…

Q: How can analytical procedures be performed in audit planning?

A: Analytical procedures:   Analytical procedure refers to a financial audit procedure that helps an…

Q: Identify the most important reasons for performing analytical procedures

A:

Q: note taking and documentation play

A: Note taking and documentation is taking record of what has been observed or heard or came to notice…

Q: When are Analytical Procedures required?

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

Q: What are the characteristics of a confirmation? Distinguish betweena confirmation and external…

A: Auditing: The process of critical examination and evaluation of the accounting information recorded…

Q: What are the similarities between internal and external audit

A: Audit is an official financial inspection of an organization's account, usually by an independent…

Q: Independence

A: Code of ethics for professional accountants: The code of ethics states that the accountant should…

Q: List Common Types of Analytical Procedures

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

Q: What are two operational reports produced by the FRS that provide proof to the accuracy of the…

A: Financial Reporting System:  The financial reporting system (FRS) overview the financial resources…

Q: What are some pros and cons of the CERES CSR reporting framework i.e. the measure tools, reporting…

A: CERES CSR defines the corporate social responsibility of companies and their resultant action…

Q: Explain the difference between an external audit engagement and a Review Engagement.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: Subsequent events – meaning, types, and auditors responsibility on treating each type?

A: An independent auditor's report is generally issued which is connected to historical financial…

Q: What is the purpose of the major types of analytical procedures? At what point during the planning…

A: Analytical techniques are one type of evidence used in audits. These procedures can detect possible…

Q: What are Substantive Procedures?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: Explain the purpose of substantive testing and give examples of the main types of substantive tests.

A: Substantive Testing: Meaning: It is an audit procedure that helps examine the supporting documents…

Q: What does the EMH imply for the use of technical and fundamental analysis?

A: The efficient market hypothesis (EMH), as a substitute called the efficient market theory. It is a…

Q: Which qualitative characteristic is an ingredient of relevance? a. Verifiability b. Timeliness c.…

A: As per general accounting principal, financial statements of an entity should be true and fair. In…

Q: Distinguish between technical analysis and fundamental analysis, highlighting assumption in each…

A: Technical analysis is a widely used concept in finance. It uses various charts and graphs to analyze…

Q: What is the ULRD? What information does the ULRD provide to the audit team?

A:

Q: What is the audit team’s goal in performing them in an attributessampling application?

A: Attributes sampling involves selecting a small number of transactions from the given population of…

Q: Identify benefits of using analytical procedures in the audit process

A: Although every audit process is unique, the audit process is similar for most engagements and…

Q: Describe attestation and attestation engagement.

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

Q: By type, timeliness, and scope of additional audit processes, what do we mean

A: Here's how it's done. Auditors use audit processes to test the accuracy and completeness of the…