homework-neip/questions-and-answers/tiple-choice-choose-on E Chegg Study Textbook Solutions Expert Q&A 29) All voided and spoiled payroll checks are properly mutilated and retained A) Adequate documents and records/accuracy B) Adequate documents and records/timing Adequate documents and records/completeness D) Adequate documents and records/loccurrence 30) All cheds and notices of electronic payments not distributed are retumed to the treasurer for fekeeping and follow-up A) Physical control over ametocurrence B) separation of duties/completeness Physical control over ents/completeness D) separation of dutiendtiming 31) Shown below through 5) are the five types of tests which auditors use to detera ne whether financial statements are fairly stated. Which three are bulantive tests? 1. risk assessment procedures 2. tests of controls 3. substantive tests of transactions 4 substantive analytical procedures 5 tests of details of balances A) 2, 3, and B) 1.2, and 3 02.4 and 5 D) 2.3, and 4 321 322) The purpose of tests of controls is to provide reasonable assurance that the A) entity has complied with GAAP disclosure requirements. B) entity has complied with requirements of quality control accounting treatment of transactions and balances to valid and proper D) Internal control procedures are functioning as intended. 33) In the context of an audit of financial statements, substantive tests are audit procedures that A) are designed to discover wignificant subsequent events B) will increase proportionately with the auditor's reliance on Intemal control are designed to test for dollar misstatements D) may be eliminated under certain conditions 34) Which of the following is true? A) Tests of details of balances focus on comparison of recorded amount to expectations developed by the auditor