PRINCIPLES OF AUDITING & OTHER ASSURANC
21st Edition
ISBN: 9781264007202
Author: WHITTINGTON
Publisher: MCG
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Question
Chapter 16, Problem 37JOQ
To determine
Identify the procedure to be included near the completion of an audit.
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Which of the following is the major purpose of performing analytical procedures in internal audits?
a. To perform additional audit procedures.
b. To plan the audit engagement.
c. To obtain audit evidence.
d. To study relationships among elements of information.
What audit procedures are most likely to be used to verify accountsreceivable written off as uncollectible? State the purpose of each of these procedures.
Explain how analytical procedures are useful in:
(1) The risk assessment stage of the audit.
(2) The substantive procedures stage of the audit.
(3) Near the end of the audit.
Chapter 16 Solutions
PRINCIPLES OF AUDITING & OTHER ASSURANC
Ch. 16 - Prob. 1RQCh. 16 - Prob. 2RQCh. 16 - Identify three items often misclassified as...Ch. 16 - Prob. 4RQCh. 16 - Prob. 5RQCh. 16 - Prob. 6RQCh. 16 - Prob. 7RQCh. 16 - Prob. 8RQCh. 16 - Prob. 9RQCh. 16 - What safeguards should be employed when the...
Ch. 16 - You are asked by a client to outline the...Ch. 16 - Prob. 12RQCh. 16 - Prob. 13RQCh. 16 - Prob. 14RQCh. 16 - Prob. 15RQCh. 16 - What are loss contingencies? How are such items...Ch. 16 - Prob. 17RQCh. 16 - Prob. 18RQCh. 16 - Prob. 19RQCh. 16 - What is the meaning of the term commitment? Give...Ch. 16 - Prob. 21RQCh. 16 - What are subsequent events?Ch. 16 - Describe the manner in which the auditors evaluate...Ch. 16 - Prob. 24RQCh. 16 - Prob. 25RQCh. 16 - Prob. 26RQCh. 16 - In your audit of the financial statements of Wolfe...Ch. 16 - Prob. 28QRACh. 16 - Prob. 29QRACh. 16 - Prob. 30QRACh. 16 - Prob. 31QRACh. 16 - The auditors opinion on the fairness of financial...Ch. 16 - Prob. 33QRACh. 16 - Prob. 34QRACh. 16 - Prob. 35QRACh. 16 - Prob. 36QRACh. 16 - Prob. 37AOQCh. 16 - Prob. 37BOQCh. 16 - Prob. 37COQCh. 16 - When auditing the statement of cash flows, which...Ch. 16 - The search for unrecorded liabilities for a public...Ch. 16 - The aggregated misstatement in the financial...Ch. 16 - Prob. 37GOQCh. 16 - Prob. 37HOQCh. 16 - Prob. 37IOQCh. 16 - Prob. 37JOQCh. 16 - Prob. 37KOQCh. 16 - Which of the following events occurring on January...Ch. 16 - Prob. 38OQCh. 16 - Prob. 39OQCh. 16 - Prob. 40OQCh. 16 - Match the following terms to the appropriate...Ch. 16 - Prob. 42OQCh. 16 - Prob. 43PCh. 16 - Prob. 44PCh. 16 - Prob. 45PCh. 16 - Prob. 46PCh. 16 - Prob. 47PCh. 16 - Prob. 48PCh. 16 - The audit staff of Adams, Barnes Co. (ABC), CPAs,...Ch. 16 - Prob. 50RDC
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Similar questions
- Which of the following is not a technique of collecting audit evidence? a. Analytical procedures. b. Observation and inspection. c. Collecting primary data d. Inquiries from third parties.arrow_forwardDuring an audit, the internal auditor should consider the following factor(s) in determining the extent to which analytical procedures should be used: a. Adequacy of the system of internal control. b. Significance of the area being examined. c. Precision with which the results of analytical audit procedures can be predicted. d. All of the above.arrow_forwardAnalytical procedures can be used in which of the following ways?a. As a means of overall review near the end of the audit.b. As “attention-directing” methods when planning an audit at the beginning.c. As substantive audit procedures to obtain evidence during an audit.d. All of the above.arrow_forward
- During which part of an audit is the preparation of flowcharts most appropriate? a. When performing tests of controls. b. When performing substantive tests. c. When performing preliminary analytical procedures. d. When documenting the auditor’s understanding of internal control.arrow_forwardWhich of the following audit is a continuous process ? Risk Management Internal Audit Balance Sheet Preparation External Auditarrow_forwardThe following are procedures to obtain audit evidence except: a. Physical examination. b. Organization. c. Confirmation. d. Analytical procedures.arrow_forward
- 1. In auditing receivables, what are the audit objectives and how would you be performed to arrive at the most reliable information to express an opinion?arrow_forward1. Explain the concepts of materiality and audit risk and the relationship between them? 2. Differentiate between the audit strategy and the audit plan. 3. Explain the term ‘analytical procedures’ and outline the different types of analytical procedures available to the auditor indicating situations in the audit when they can be used.arrow_forwardYou have been asked by the audit manager to undertake preliminary analytical procedures. a) Identify the most important reasons for performing analytical procedures. b) Describe the broad purposes of analytical procedures.arrow_forward
- What are analytical procedures? Describe how they can be used assubstantive tests in an audit.arrow_forwardWhat is meant by the terms nature, timing, and extent of further audit procedures?arrow_forwardIn determining whether transactions were really exist, the direction of the audit testing should be from the A. Financial Statements B. Original Source Documents C.General Ledger Balances. D.General Journal Entriesarrow_forward
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