Explain how analytical procedures could be used for substantive testing. Give an example.

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing A Practical Approach

ISBN: 9781119709497

4th Canadian Edition

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren

See More Books

Question Posted: Feb 27, 2024 03:11 AM

See More Questions

Explain how analytical procedures could be used for control testing and substantive testing. Give examples of each.
Background information B-Star is a theme park based on a popular series of children's books. Customers pay a fixed fee to enter the park, where they can participate in a variety of activities such as...
Assume that an auditor wishes to use analytical procedures as a substantive procedure. Indicate how substantive analytical procedures could be used in assisting the auditor in testing the following...
What approaches to recruitment can an employer adopt in order to create and project a positive public image?
Homestead Telephone was formed in the 1940s to bring telephone services to remote areas of the U.S. Midwest. The early equipment was quite primitive by today's standards. All calls were handled...
Phil Eubanks engaged in the following activities in establishing his photography studio, Picture This!: 1. Opened a bank account in the name of Picture This! and deposited $8,000 of his own money...
Identify each data sets level of measurement. Explain your reasoning. (a) A list of badge numbers of police officers at a precinct (b) The horsepowers of racing car engines (c) The top 10 grossing...
Go-for-Broke Company is being liquidated under Chapter 7 of the bankruptcy code. When it filed for bankruptcy, its balance sheet was as follows: *All accrued wages must be paid out of the liquidation...
A security promises to pay you $40 every six months for 10 years and at the end of year 10 , it will pay you an additional $1,000 . If you buy it at $1,100 , what is the (annual) return on your...
a. Identify the key account balance at risk because of the remuneration of the sales team at Shady Oaks. Identify and explain the key assertion at risk. b. Identify the key account balance and key...
Why do auditors use sampling? In what circumstances would the auditor decide to not use sampling, but rather test 100 percent of the population?
(a) Set up an integral for the area of the shaded region. (b) Evaluate the integral to find the area. yA (1, e) y= e, (1, 1) y =x?
The Log Jamboree amusement park ride at Six Flags over Georgia consists of an approximately rectangular flume that is 6 ft wide and is constructed from fiberglass (ks = 0.002 in). In the low-velocity...
57'-8" 1. The building perimeter walls are 1'2" thick and the interior walls are 1'0" thick. Fig 1 and Fig 2 detail the linear feet of 1'2" -thick foundation walls. In addition, side B is 8'4" tall...
The Orpheus Chamber Orchestra is celebrating its 50 years as an orchestra this year. Read the following articles about its unique structure: The first Charlotte article is copied below, the rest just...
Which of the five strategies for adapting products and promotion for global markets does Monster Employ? 15-16. Which factors in the global marketing environment have challenged Monster's global...
Analysis of Current International Economic Environment in Switzerland 1. Develop a lead sentence for this section that introduces the key subsections 2. Economic Environment describe Switzerland...
Lynn, who is 59 years old, is the beneficiary of a $200,000 life insurance policy. What amount of the insurance proceeds is taxable under each of the following scenarios? a. She receives the $200,000...
In the circuit shown in Figure 4, a battery supplies a constant voltage of 40 V, the inductance is 2 H, the resistance is 10, and l(0) = 0. (a) Find l(t). (b) Find the current after 0.1s.
Charles is at a neighbourhood Christmas party with several of his roommates. Over a few beers, Charles gets into a conversation with a neighbour, William, about mutual acquaintances. Charles is a...
Fellowes and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of clients across Canada. During the 2011 financial year, Fellowes and Associates gained a...
Fellowes and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of clients across Canada. During the 2011 financial year, Fellowes and Associates gained a...
Your company produces a health magazine. Its sales data for 1 - year subscriptions are as follows: Year of Operation Subscriptions Sold % Expired at Year End 2 0 2 0 $ 3 0 0 , 0 0 0 5 0 2 0 2 1 $ 6 4...
The adjusted trial balance for Tybalt Construction on December 3 1 of the current year follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 3 1 Number Account Title Debit Credit 1 0 1 Cash $...
( US$ millions ) 1 2 / 3 1 / 2 0 1 4 1 2 / 3 1 / 2 0 1 3 1 2 / 3 1 / 2 0 1 2 1 2 / 3 1 / 2 0 1 1 Net income $ 1 4 , 4 3 1 $ 1 2 , 8 5 5 $ 1 0 , 7 7 3 $ 9 , 7 7 2 Depreciation 3 , 5 4 4 2 , 7 0 9 1 ,...

Explain how analytical procedures could be used for substantive testing. Give an example.

Question:

Step by Step Answer:

Analytical procedures are an essential part of the audit process and can be used both in the planning phase and as substantive testing during the exec...View the full answer

Auditing A Practical Approach

Students also viewed these Business questions