Final acceptable levels of detection risk have been determined for several assertions. The auditor is prepared to
Question:
Final acceptable levels of detection risk have been determined for several assertions. The auditor is prepared to proceed with designing specific substantive tests.
Required
a. What is the purpose of substantive tests?
b. What factors pertaining to substantive tests can be varied to accommodate different acceptable levels of detection risk? Explain how each factor is varied to accommodate a low versus a high acceptable level of detection risk.
c. Indicate the three types of substantive tests and the relative effectiveness and cost of each.
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a The purpose of substantive tests is to provide evidence that can be used to support or contradict the financial statements Substantive tests are designed to detect material misstatements and provide ...View the full answer
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