Question
Audit Procedures and Audit Objectives should match. For each item listed below, indicate (YES or NO) if the procedure could be used to (I) identify
- Audit Procedures and Audit Objectives should match. For each item listed below, indicate (YES or NO) if the procedure could be used to (I) identify risk of material misstatement, (II) evaluate/test the effectiveness of controls (test of control), or (III) determine whether misstatements exist in the financial statements (substantive procedure test of transactions). Note, an audit procedure can be used for one or more than one purpose.
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| Audit Objectives (Purpose of Test) | ||
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| Types of Audit Procedures | Risk Assessment | Test of Control | Substantive Testing |
| | Inspection of documents |
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| | Inspection of assets (physical examination) |
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| | Observation |
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| | External confirmations |
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| | Recalculation |
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| | Reperformance |
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| | Analytical procedures |
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| | Scanning |
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| | Inquiry |
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Principles of Accounting
Authors: Needles, Powers, crosson
11th Edition
1439037744, 978-1133626985, 978-1439037744
