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

Q: What are the responsibilities of an originator?

A: The originator's responsibilities are: Originator communicates with all borrowers of mortgage loans…

Q: What is the difference between Test of controls and Substantive procedures, give an example of each…

A: An audit assesses the integrity of a company's financial statements as well as the efficacy of its…

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: What is preliminary prospectus?

A: Preliminary prospectus is the first document submitted by a company which plans for initial public…

Q: ions of the study"?

A: Scope refers to the area of the extent or to the limits a study can be studied or explored.

Q: What approaches may be employed in applying the LCNRVprocedure? Which approach is normally used and…

A: Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a method…

Q: Who should determine and prioritize the critical applications? How is this done? How frequently is…

A:

Q: analytical procedures

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

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

A:

Q: What are the characteristics of Substantive Tests?

A: Audit Planning: Audit planning is the first step in the auditing process. Auditor gathers all the…

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

A: There are two types of substantive procedures -

Q: In what ways can independent verification occur?

A: Independent Verification of business activities of a company can be done various ways. Some of them…

Q: t is “inquiry” and “observation” procedures? Give the strengths and weaknesses of these tests?

A: This method is often used in conjunction with other, more reliable method. For example, an auditor…

Q: what are the advantages of using Analytical Procedures as Substantive Tests

A: solution concept Analytical Procedures as Substantive Tests               Analytical procedure means…

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: What is the difference between the Codification and the Codification Research System?

A: FASB: The FASB is an independent, designated and non-profit organization established by SEC for…

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: Which of the following are substantive tests?

A: For identifying whether the following are substantive tests or not we need to first identify what is…

Q: List Common Types of Analytical Procedures

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

Q: What is ESG reporting and why does it matter?

A: Transparency on ecological and socially responsible actions is becoming more popular. Environmental,…

Q: What type of assurance is given in 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 is the focus of Analytical Procedures?

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

Q: What are the Effects of Prepayment Illustrated?

A: Prepayments are mainly related with mortgage backed securities & corporate bonds. MBS or…

Q: Conduct proper hypothesis testing?

A: Hypothesis testing is also called as statistical tests. The test which is conducted to make…

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 of the following is not considered to be an analytical procedure?

A: Answer: Comparisons of financial statements accounts with source documents

Q: What is the difference in a data and findings?

A: Data is the combination of raw facts which is used for providing information and conclusions to the…

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: What is a MIS report, why is it  prepared?

A: MIS is Management Information System. Management information system is an integrated collection of…

Q: What are going-concern uncertainties?

A:

Q: what is the procedure used?

A: Journal entry is a basic accounting entry and is the first step in double entry system of…

Q: An analysis of systems serves what purpose? What kind of information should be included in the…

A: The answer

Q: Answer of the following question related to these characteristics and constraints. When there is…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: What procedures are required for Review engagements?

A: Review engagement: It is a type of engagement that is only meant to provide whether the financial…