Which one of the following audit tests is usually the LEAST costly to perform?
A) analytical procedures
B) tests of balances
C) tests of controls
D) substantive tests of transactions

Question

Quizplus · Accepted Answer

Analytical procedures are the least costly audit test to perform as they involve analyzing data to identify significant fluctuations or relationships that may indicate potential misstatements. They do not require additional data gathering or complex testing procedures, making them less costly than other types of tests such as tests of balances, tests of controls, or substantive tests of transactions.

Which One of the Following Audit Tests Is Usually the LEAST