The auditor would design which of the following audit tests to detect possible monetary errors in the financial statements?
A) Control tests
B) Analytical procedures
C) Risk assessment procedures
D) Tests of operating effectives of controls over revenue and cash

Question

Quizplus · Accepted Answer

Analytical procedures are used to detect monetary errors and irregularities in financial statements. These procedures involve studying relationships between financial and non-financial data to identify any inconsistencies or outliers that may indicate errors or fraud. Control tests, risk assessment procedures, and tests of operating effectiveness are important components of the audit process but are not specifically designed to detect monetary errors.

The Auditor Would Design Which of the Following Audit Tests