Which of the following is a substantive analytical procedure? Confirm accounts payable balances directly with...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Which of the following is a substantive analytical procedure? Confirm accounts payable balances directly with vendors All of the above are substantive analytical procedures Multiply the commission rate by total sales and compare the results with commission expense Foot the accounts payable trial balance and compare with the general ledger
On the basis of audit evidence gathered and evaluated, an auditor decides to decrease the assessed risk of material misstatement from that originally planned. To achieve an overall audit risk level that is substantially the same as the planned audit risk level, the auditor would: Increase acceptable audit risk Increase inherent risk Decrease planned detection risk Decrease substantive tests
In which of the following situations would an auditor issue an adverse opinion on internal control for the year ended December 31, 2019? 1. The auditor was unable to obtain evidence about the operating effectiveness of internal control. 2. The auditor identified several significant deficiencies in internal control that existed at December 31, 2019. 3. The auditor identified a material weakness in internal control that existed at December 31, 2019. 2 and 3 1 and 3 none of the above 1, 2, and 3 3 only
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
