1. In performing the audit of Company A, an auditor picked a sample of recorded payables and performed the 3-way match testing (matching purchase order issued by the Company, good received note from the warehouse and invoice from the vendor). This is the most effective substantive procedure to test for the Existence assertion of Accounts Payable.

A. True B. False

2. An auditor performed the walkthrough and the test of operating effectiveness and did not identify any exceptions. Does the auditor still need to perform substantive procedures?

A. Yes B. No

3. An auditor performed revenue test work by selecting a sample of transactions and obtaining various supporting documentation to obtain audit evidence over relevant assertions. This is an example of:

A. Walkthrough B. Test of operating effectiveness C. Substantive analytical D. Test of details