Read the article Hitzig, N. B., (2004).The Hidden Risk in Analytical Procedures: What WorldCom Revealed,The CPA Journal, 74(2), p. 32 - 36. The article is related to analytical procedures, which as discussed in many of the other modules, is also a significant aspect of the final completion stages of the audit cycle.

You can also access this article through the ESC library databases atwww.esc.edu/libraryand access theCPA Journalunder publications in the ProQuest database.

Having read the articles, explain how cost of goods sold for a wholesale company can be verified by each of the following tests: analytical procedures, tests of controls and substantive tests of transactions, analysis of account balances, and tests of details of balance sheet accounts.