Answered: 1. Auditors use substantive

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter17: Other Services Provided By Audit Firms

Section: Chapter Questions

Problem 11TFQ

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Question

True or false:

1. Auditors use substantive analytical procedures and tests of details of balances to satisfy planned
control risk

2. The Securities and Exchange Commissions will set up the Office of the Whistleblower sometime in
the near future in an effort to combat fraud and offer monetary rewards for being a whistleblower

3. Transactions with related parties must be disclosed in the financial statements if they are deemed to
be material.

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in question 2 about the Office of the Whistleblower being established in the future, isnt it supposed to be false as it is already established?

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Audit procedures for items of Financial Statement

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