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

Question

Quizplus · Accepted Answer

Analytical procedures, which involve the analysis of financial information by studying plausible relationships among both financial and nonfinancial data, are generally less costly to perform compared to more detailed tests of controls, substantive tests of transactions, or tests of balances. These procedures can often be conducted through analysis of ratios and trends without the need for detailed transaction testing.

Which of the Following Audit Tests Is Usually the Least