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Match Seven of the Terms (A-K)with the Definitions Provided Below

Question 132

Short Answer

Match seven of the terms (a-k)with the definitions provided below (1-7):
a.Tests of details of balances
b.Tests of controls
c.Substantive tests of transactions
d.Analytical procedures
e.Transaction-related audit objectives
f.Management assertions
g.Balance-related audit objectives
h.Fraud
i.Illegal act
j.Error
k.Management fraud
________ 1.An intentional misstatement of the financial statements.
________ 2.A set of six audit objectives the auditor must meet,including timing,posting and summarization,and accuracy.
________ 3.Implied or expressed representations made by the client about classes of transactions,account balances and disclosures in the financial statements.
________ 4.Audit procedures testing for monetary misstatements to determine whether the balance-related audit objectives have been satisfied for each significant account balance.
________ 5.A set of nine audit objectives the auditor must meet,including completeness,detail tie-in,and rights and obligations.
________ 6.Audit procedures designed to test the effectiveness of control policies and procedures.
________ 7.Use of comparisons and relationships to assess whether account balances or other data appears reasonable.

Correct Answer:

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1.h
2.e
3....

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