A) Apply transaction related audit objectives to a class of transactions.B) Indentify accounts that have high inherent risk.C) Identify key controls that reduce control risk.D) For potential misstatements, design appropriate substantive tests of transactions.Answer: B1) Which of the following types of procedures will be performed in an audit of internal control over financial reporting?2) What type of test is used to obtain more types of evidence than any other?3) Which audit tests involve physical examination and confirmation?
4) Which of the following is generally not included in the "evidence mix"?A) Tests of ControlsB) Substantive Tests of TransactionsC) Risk Assessment ProceduresD) Tests of details of balancesAnswer: C5) Which of the following types of evidence is not available when using substantive tests of transactions?1) Presentation and disclosure related audit objectives would be performed in which phase of the audit process?2) Transaction related audit objectives would most likely be performed in which phase of the audit process?3) Analytical procedures must be performed in:A) the planning and test of control stages.B) conjunction with tests of transactions and tests of details of balances.C) the planning and completion stages.D) the planning, test of control, and completion stages.Answer: C
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- Spring '14