1) Collectively, procedures performed to obtain an understanding of the entity and its environment, including internal controls, represent the auditor's a) Audit strategy. b) Tests of controls. c) Risk assessment procedures. d) Tests of transactions." 2) Which of the following procedures would most likely be performed in response to the auditor's assessment of the risk of monetary misstatements in the financial statements? a) Ratio analysis b) Tests of controls c) Tests of details of balances d) Risk assessment procedures 3) You are auditing Rodgers and Company. After performing substantive analytical procedures you conclude that, for the accounts tested, the client's balance appears reasonable. This may indicate that a) Details test of balances can be eliminated for those accounts b) Certain tests of details of balances may be eliminated for those accounts, c) Control tests may be eliminated for those accounts. d) Control tests may be reduced for those accounts. 4) In the context of an audit of financial statements, substantive tests are audit procedures that a) May be eliminated under certain conditions. b) Are designed to discover significant subsequent events. c) Are designed to test for dollar misstatements d) Will increase proportionately with the auditor's reliance on internal control. 5) The document that details the specific audit procedures for each type of test is the a) Audit strategy. b) Audit program. c) Audit procedure. d) Audit risk model