Which one of the following audit tests is usually the MOST costly to perform?
A) Analytical procedures
B) Tests of balances
C) Substantive tests of transactions
D) Tests of controls

Question

Quizplus · Accepted Answer

Tests of balances involve detailed auditing of account balances and verifying the accuracy of financial statements. This is often the most time-consuming task for auditors as it involves substantial effort and resources to perform. Analytical procedures, substantive tests of transactions, and tests of controls are typically less costly than tests of balances.

Which One of the Following Audit Tests Is Usually the MOST