Question 1 (Mandatory) (1 point)

Which of the following is true about analytical procedures?

Question 1 options:

	Performing analytical procedures aids auditors in identifying factual misstatements.
	Analytical procedures are used to obtain evidence about the existence of material misstatements but are not used in planning.
	Analytical procedures are tests of controls.
	Analytical procedures are used in planning and as substantive tests.

Which of the following statements is not true about tests of controls and substantive tests?

Question 2 options:

	Tests of controls must be performed prior to substantive tests.
	Substantive tests are designed to detect material misstatements, whereas tests of controls are designed to determine the effectiveness of internal control.
	Results from tests of controls are related to the auditors assessment of control risk, whereas results from substantive tests are related to the auditors management of inherent risk.
	The set of audit procedures used for tests of controls and substantive tests are not identical.

Question 3 (Mandatory) (1 point)

An auditor sends confirmations to a client's vendors to obtain evidence regarding all of the following assertions except...

Question 3 options:

	Valuation
	Rights & Obligations
	Completeness
	Existence

Question 4 (Mandatory) (1 point)

The procedures an auditor uses to perform tests of controls are primarily determined by which of the following?

Question 4 options:

	The acceptable level of detection risk.
	The assessed level of inherent risk.
	The nature of the internal control procedure
	The nature of substantive tests

Substantive tests are designed to support an auditor's assessment of detection risk.

Question 5 options:

	True
	False