Auditing and Assurance Services, Student Value Edition (16th Edition)
Auditing and Assurance Services, Student Value Edition (16th Edition)
16th Edition
ISBN: 9780134075754
Author: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
Publisher: PEARSON
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Chapter 13, Problem 11RQ
To determine

Identify the different types of tests from most costly to least costly. The tests given are substantive analytical procedures, tests of details of balances, risk assessment procedures, test of controls, and substantive tests of transactions.

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Generally, which of the following audit procedures is the least expensive to perform?   A. Analytical procedures   B. Tests of details of balance   C. Substantive tests of transactions   D. Tests of controls   E. Risk assessment procedures
Which of the following is a correct? Select one: a. Planned detection risk and inherent risk have an inverse relationship. b. All of the above are correct relationships. c. Acceptable audit risk and planned detection risk have an inverse relationship. d. Control risk and planned detection risk have a direct relationship.
What are tests of controls? What is the audit team’s goal in performing them in an attributessampling application
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