1. As audit evidence, physical examination and confirmation, may only be obtained using which of the following types of tests? - test of details of balances 2. A procedure designed to test for monetary statements directly affecting the correctness of financial statement balances is a: - Substantive test 3. Which of the following audit tests is usually the most expensive to perform? - Tests of details of balances 4. The purpose of tests of controls is to provide reasonable assurance that the: - Accounting control procedures are functioning intended 5. Which of the following types of evidence is not available when using substantive tests of transaction? - Conformation 6. - The Objective of this phase is to obtain sufficient additional evidence to determine whether the ending balance and footnotes in financial statements are fairly stated. Phase III - The combination of the types of tests to obtain sufficient appropriate evidence for a cycle Evidence mix - Audit procedures designed to test for dollar (monetary) misstatements of financial statements balances. substantive test - A listing of all the things which the auditor will do to gather sufficient, competent, evidence. Audit program 7. Shown below (1 through 5) are the five types of tests which auditors use to determine whether financial statements are fairly stated. Which numbers of the three are substantive tests? 1. Procedures to obtain an understanding of internal control 2. Tests of controls 3. Test of transactions 4. Analytical procedures 5. Tests of balances - 3,4 and 5