Test of Control refers to the audit procedures in order to establish the effectiveness of the controls used by the client in order to prevent any material misstatement or fraud. To state: To confirm whether the statement is true or false.

Question

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Answer 1

Question

Chapter 8, Problem 1CYBK

To determine

Introduction:Test of Control refers to the audit procedures in order to establish the effectiveness of the controls used by the client in order to prevent any material misstatement or fraud.

To state:To confirm whether the statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The statement is true

Explanation of Solution

Basic Audit procedures are done through enquiry and observation while Analytical procedures are done in Audit Sampling. A Sample of the transactions is taken in order to test the controls and account balances with the conclusion that by sample transactions it is tried to check and conclude that the transactions done during the audit period represent the status of the population of transactions. Sampling is a tool where the prudence of the auditor is used to see that how skillfully he uses the samples to decide about the status of the account balances and related transactions.

Hence, the statement is True.

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The type of sampling most frequently used by auditors during their study of internal control is referred to asa. Attributes sampling.b. Control sampling.c. Monetary unit sampling.d. Variables sampling.

Which of the following components of the audit risk model is most closely associated with attributes sampling?a. Audit risk.b. Control risk.c. Detection risk.d. Inherent risk.

Explain how judgement is used in statistical and non-statistical sampling in an audit service

Answer 2

Question

Chapter 8, Problem 1CYBK

To determine

Introduction:Test of Control refers to the audit procedures in order to establish the effectiveness of the controls used by the client in order to prevent any material misstatement or fraud.

To state:To confirm whether the statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The statement is true

Explanation of Solution

Basic Audit procedures are done through enquiry and observation while Analytical procedures are done in Audit Sampling. A Sample of the transactions is taken in order to test the controls and account balances with the conclusion that by sample transactions it is tried to check and conclude that the transactions done during the audit period represent the status of the population of transactions. Sampling is a tool where the prudence of the auditor is used to see that how skillfully he uses the samples to decide about the status of the account balances and related transactions.

Hence, the statement is True.

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Answer 3

Question

Chapter 8, Problem 1CYBK

To determine

Introduction:Test of Control refers to the audit procedures in order to establish the effectiveness of the controls used by the client in order to prevent any material misstatement or fraud.

To state:To confirm whether the statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The statement is true

Explanation of Solution

Basic Audit procedures are done through enquiry and observation while Analytical procedures are done in Audit Sampling. A Sample of the transactions is taken in order to test the controls and account balances with the conclusion that by sample transactions it is tried to check and conclude that the transactions done during the audit period represent the status of the population of transactions. Sampling is a tool where the prudence of the auditor is used to see that how skillfully he uses the samples to decide about the status of the account balances and related transactions.

Hence, the statement is True.

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Answer 4

Question

Chapter 8, Problem 1CYBK

To determine

Introduction:Test of Control refers to the audit procedures in order to establish the effectiveness of the controls used by the client in order to prevent any material misstatement or fraud.

To state:To confirm whether the statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The statement is true

Explanation of Solution

Basic Audit procedures are done through enquiry and observation while Analytical procedures are done in Audit Sampling. A Sample of the transactions is taken in order to test the controls and account balances with the conclusion that by sample transactions it is tried to check and conclude that the transactions done during the audit period represent the status of the population of transactions. Sampling is a tool where the prudence of the auditor is used to see that how skillfully he uses the samples to decide about the status of the account balances and related transactions.

Hence, the statement is True.

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Answer 5

Chapter 8, Problem 1CYBK

To determine

Introduction:Test of Control refers to the audit procedures in order to establish the effectiveness of the controls used by the client in order to prevent any material misstatement or fraud.

To state:To confirm whether the statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The statement is true

Explanation of Solution

Basic Audit procedures are done through enquiry and observation while Analytical procedures are done in Audit Sampling. A Sample of the transactions is taken in order to test the controls and account balances with the conclusion that by sample transactions it is tried to check and conclude that the transactions done during the audit period represent the status of the population of transactions. Sampling is a tool where the prudence of the auditor is used to see that how skillfully he uses the samples to decide about the status of the account balances and related transactions.

Hence, the statement is True.

Answer 6

Chapter 8, Problem 1CYBK

To determine

Introduction:Test of Control refers to the audit procedures in order to establish the effectiveness of the controls used by the client in order to prevent any material misstatement or fraud.

To state:To confirm whether the statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The statement is true

Explanation of Solution

Basic Audit procedures are done through enquiry and observation while Analytical procedures are done in Audit Sampling. A Sample of the transactions is taken in order to test the controls and account balances with the conclusion that by sample transactions it is tried to check and conclude that the transactions done during the audit period represent the status of the population of transactions. Sampling is a tool where the prudence of the auditor is used to see that how skillfully he uses the samples to decide about the status of the account balances and related transactions.

Hence, the statement is True.

Answer 7

Chapter 8, Problem 1CYBK

To determine

Introduction:Test of Control refers to the audit procedures in order to establish the effectiveness of the controls used by the client in order to prevent any material misstatement or fraud.

To state:To confirm whether the statement is true or false.

Answer 8

Expert Solution & Answer

Answer to Problem 1CYBK

The statement is true

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Basic Audit procedures are done through enquiry and observation while Analytical procedures are done in Audit Sampling. A Sample of the transactions is taken in order to test the controls and account balances with the conclusion that by sample transactions it is tried to check and conclude that the transactions done during the audit period represent the status of the population of transactions. Sampling is a tool where the prudence of the auditor is used to see that how skillfully he uses the samples to decide about the status of the account balances and related transactions.

Hence, the statement is True.

Answer 12

Ch. 8 - Prob. 1CYBK Ch. 8 - Prob. 2CYBK Ch. 8 - Prob. 3CYBK Ch. 8 - Prob. 4CYBK Ch. 8 - Prob. 5CYBK Ch. 8 - Prob. 6CYBK Ch. 8 - Prob. 7CYBK Ch. 8 - Prob. 8CYBK Ch. 8 - Prob. 9CYBK Ch. 8 - Prob. 10CYBK

Test of Control refers to the audit procedures in order to establish the effectiveness of the controls used by the client in order to prevent any material misstatement or fraud. To state: To confirm whether the statement is true or false.

Introduction:Test of Control refers to the audit procedures in order to establish the effectiveness of the controls used by the client in order to prevent any material misstatement or fraud. To state:To confirm whether the statement is true or false.

Answer to Problem 1CYBK

Explanation of Solution

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Chapter 8 Solutions

Introduction:Test of Control refers to the audit procedures in order to establish the effectiveness of the controls used by the client in order to prevent any material misstatement or fraud.

To state:To confirm whether the statement is true or false.