Risk assessment procedures are performed by the auditor to assess the risk of material misstatement in the financial statements. Below are four types of further audit procedures the auditor should perform that provide the basis for the auditor's opinion. Which of these are compliance procedures?
1) Tests of controls
2) Tests of details of balances
3) Substantive tests of transactions
4) Substantive analytical procedures
A) 1, 2, and 3
B) 2, 3, and 4
C) 1 only
D) 1 and 2
Correct Answer:
Verified
Q1: Which of the following statements is not
Q2: Risk assessment procedures are performed by auditors
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
Q9: Shown below (1 through 5) are the
Q10: You are auditing Rodgers and Company. After
Q11: The primary emphasis in most tests of
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