Which one of the following statements is NOT correct?
A) When controls are not considered effective, or when control deviations are discovered, substantive tests will be eliminated.
B) Tests of transactions are often performed several months prior to the balance sheet date.
C) Tests of details of balances are normally the last tests performed.
D) It is common to use analytical procedures at any time during the audit.

Question

Quizplus · Accepted Answer

When controls are not considered effective, or when control deviations are discovered, substantive tests will be increased, not eliminated. The purpose of substantive tests is to obtain assurance about the completeness, accuracy, and validity of the financial statement amounts when controls are not effective or have not been relied upon.

Which One of the Following Statements Is NOT Correct