Multiple Choice Questions

The following questions concern the use of analytical procedures during an audit. Select the best response.

a. Analytical procedures used in planning an audit should focus on identifying

(1) Material weaknesses in internal control.

(2) The predictability of financial data from individual transactions.

(3) The various assertions that are embodied in the financial statements.

(4) Areas that may represent specific risks relevant to the audit.

b. For all audits of financial statements made in accordance with auditing standards, the use of analytical procedures is required to some extent

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *