Which of the following further audit procedures are used to determine whether all six transaction related audit objectives have been achieved for each class of transactions?
A) tests of controls
B) risk assessment procedures
C) substantive tests
D) preliminary analytical procedures

Question

Quizplus · Accepted Answer

Substantive tests are used to determine whether all six transaction related audit objectives have been achieved for each class of transactions. These tests involve the examination of documents, records, and other forms of evidence to confirm that transactions have been properly accounted for and recorded in the financial statements. Tests of controls assess the effectiveness of controls in preventing or detecting material misstatements, while risk assessment procedures are used to identify risks that could result in material misstatements. Preliminary analytical procedures are used to evaluate financial information for unusual or unexpected results, but do not specifically address the achievement of transaction related audit objectives.

Which of the Following Further Audit Procedures Are Used to Determine