Shown below (1 through 5) are the five types of tests which auditors use to determine whether financial statements are fairly stated. Which three are substantive tests?
1) risk assessment procedures
2) tests of controls
3) substantive tests of transactions
4) substantive analytical procedures
5) tests of details of balances
A) 1, 2, and 3
B) 3, 4, and 5
C) 2, 3, and 5
D) 2, 3, and 4
Correct Answer:
Verified
Q4: Which of the following procedures would most
Q5: Collectively, procedures performed to obtain an understanding
Q6: Which of the following is true?
A) Tests
Q7: In the context of an audit of
Q8: Tests of controls are directed toward the
Q10: You are auditing Rodgers and Company. After
Q11: The primary emphasis in most tests of
Q12: A system walkthrough is primarily used to
Q13: A procedure designed to test for monetary
Q14: Many auditors perform extensive analytical procedures because
A)
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