EP AUDITING+ASSURANCE...-MYACCT.LAB
16th Edition
ISBN: 9780134148656
Author: ARENS
Publisher: PEARSON CO
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Question
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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Explain the relationship of performance materiality, inherent risk, and control risk to planned tests of details of balances.
Distinguish between the "risk driven" and "procedures driven" approaches to auditing, evaluating the advantages and disadvantages which each approach entails.
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.
Chapter 13 Solutions
EP AUDITING+ASSURANCE...-MYACCT.LAB
Ch. 13 - Prob. 1RQCh. 13 - Prob. 2RQCh. 13 - Prob. 3RQCh. 13 - Prob. 4RQCh. 13 - Prob. 5RQCh. 13 - Prob. 6RQCh. 13 - Explain how the calculation and comparison to...Ch. 13 - Prob. 8RQCh. 13 - Prob. 9RQCh. 13 - For each of the eight types of evidence discussed...
Ch. 13 - Prob. 11RQCh. 13 - Prob. 12RQCh. 13 - Prob. 13RQCh. 13 - Prob. 14RQCh. 13 - Prob. 15RQCh. 13 - Prob. 16RQCh. 13 - Prob. 17RQCh. 13 - Prob. 18RQCh. 13 - Prob. 19RQCh. 13 - Prob. 20.1MCQCh. 13 - Prob. 20.2MCQCh. 13 - A conceptually logical approach to the auditors...Ch. 13 - Prob. 21.1MCQCh. 13 - Prob. 21.2MCQCh. 13 - Prob. 21.3MCQCh. 13 - Prob. 22.1MCQCh. 13 - b. Substantive analytical procedures are most...Ch. 13 - Prob. 22.3MCQCh. 13 - Prob. 23DQPCh. 13 - Prob. 24DQPCh. 13 - Prob. 25DQPCh. 13 - Prob. 26DQPCh. 13 - Prob. 27DQPCh. 13 - Prob. 28DQPCh. 13 - Prob. 29DQPCh. 13 - Prob. 30DQPCh. 13 - Prob. 31DQPCh. 13 - Prob. 32DQPCh. 13 - Prob. 33DQPCh. 13 - Prob. 35C
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- What are tests of controls? What is the audit team’s goal in performing them in an attributessampling applicationarrow_forwardGenerally, 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 proceduresarrow_forwardEXPLAIN AND WHAT KIND OF RISK ASSESSMENTS FACING BY AUDITOER OR AUDITING?arrow_forward
- Define the audit risk model and explain each term in the model.Also describe which two factors of the model when combined reflect the risk of materialmisstatements.arrow_forward1. Please explain how to Evaluate the Data Reliability When Developing Expectations. The data an auditor will use to develop expectations in the acquisition and payment cycle has been deemed reliable by the audit staff. 2. Please Discuss the likely factors the audit team will consider when making this determination.arrow_forwardExplain the function of standards andmeasurements in economy, efficiency, andprogram results audits.arrow_forward
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