Question Details

Analytical procedures are the most expensive type 



1.
	Tests of controls may be performed prior to substantive tests of transactions.
a.	True
b.	False

2.
	Tests of details of balances focus on beginning and ending of the year balances.
a.	True
b.	False

3.
	If tests of controls reveal that controls are sufficiently effective to justify reducing control risk, the auditor is justified in reducing substantive audit tests.
a.	True
b.	False

4.
	Analytical procedures are the most expensive type of audit test to perform because of the expertise and training required to properly use them.
a.	True
b.	False

5. (Public)
	PCAOB Standard 2 requires auditors to test controls every three years.
a.	True
b.	False




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