Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Answer ALL the questions in this section. Question 1 (20 Marks) To gather the evidence, which is required pertaining to the assertions, the auditor conducts
Answer ALL the questions in this section. Question 1 (20 Marks) To gather the evidence, which is required pertaining to the assertions, the auditor conducts procedues which have been developed and refined to meet the audit objective. The various procedures which will be conducted by the auditor will be mixed but balanced - no single procedure will supply all the evidence needed. The procedures can be described as follows: 1. Inspection 2. Observafion 3. Inquiry 4. Recalculafion 5. Analytical Procedures 6. Reperformance 7. Extemal confirmation REQUIRED: a) Discuss and explain each of the above procedures. (7 Marks) b) Indicate whether each procedure can be applied as a substanfive test, or a test of controls or both. (6 Marks) c) Give one example for each type of test (1 to 7 above). Your example can be a substantive test or a test of controls. (7 Marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started