Question Details

Which of the following audit tests is usually the least costly 




1.	Analytical procedures are defined in the auditing standards as:
	a.	compliance tests.
	b.	substantive tests.
	c.	tests of controls.
	d.	helpful procedures not possessing the validity of other tests available to the auditor.
	
2.	Tests of transactions are used to determine whether ___________ have been satisfied.
	a.	compliance test requirements.
	b.	balance coverage requirements.
	c.	transaction-related audit objectives.
	d.	existence assertions
	
3.	Which of the following statements is not true?
	a.	Analytical procedures emphasize the overall reasonableness of transactions and balances.
	b.	Tests of controls are concerned with evaluating whether controls are sufficiently effective to justify reducing control risk and thereby reducing analytical review procedures.
	c.	Substantive tests of transactions emphasize the verification of transactions recorded in the journals and then posted in the general ledger.
	d.	Tests of details of balances emphasize the ending balances in the general ledger.
	
4.	Which of the following audit tests is usually the least costly to perform?
	a.	Analytical procedures.
	b.	Tests of controls.
	c.	Tests of balances.
	d.	Substantive tests of transactions.
	
5.	Which of the following audit tests is usually the most costly to perform?
	a.	Analytical procedures.
	b.	Tests of controls.
	c.	Tests of balances.
	d.	Substantive tests of transactions.




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