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Question 7 (0.25 points) Substantive testing can be conducted using which of the following procedures? 0 a) analytical review. 0 bl enquiry. O C) confirmation. Q d) all of the above. Question 8 (0.25 points) What is the main purpose of an analytical review at the completion of the audit? 0 a) to ensure the financial viability of the company. 0 b) as a final evaluation to confirm the initial risk assessments made by the auditor. O C) to ensure that the earnings per share and asset ratios are correct. O dl to corroborate conclusions formed in performing the audit. The auditor would be least likely to perform early substantive tests of details of balances when: 0 a) a number of significant deviations from control policies and procedures were detected during tests of controls. 0 bl variance reports do not distinguish between price and quantity variances. O C) the client uses a financial business year instead of the calendar year. Q d) the taking of the client's inventory is performed at an early date. Question 10 (0.25 points) Which of the following is not normally considered a step in the credit sales functions? O a) accepting customer orders. O b) approving credit. O C) acquiring goods to fill the order. Q d) billing customers. Question 11 (0.25 points) Which of the following is not a type of analytical procedure? 0 a) common size analysis. 0 b) confirmation analysis. 0 C) ratio analysis. 0 d) trend analysis. Question 12 (0.25 points) Which of these would not be considered to be a test of details of balances? O a) accounts receivable confirmations. O b) tracing an invoice to the sales journal. 0 C) observing the entity's stock take. 0 d) inspecting plant assets