WILEY PLUS HOMEWORK QUESTIONS
AND ANSWERS 100% CORRECT!!!
Designing substantive procedures responds to - ANSWER✔✔ The risk of material
misstatement at the assertion level.
Which assertion is typically related to income statement accounts rather than
balance sheet accounts or presentation and disclosure - ANSWER✔✔ Cutoff
The nature of an audit procedure refers to: - ANSWER✔✔ Its purpose and its type
Analytical procedures - ANSWER✔✔ Are required during the planning and
substantive testing phases of the audit.
When analyzing the results of substantive procedures, auditors should be aware of:
- ANSWER✔✔ Confirmation bias.
Risk assessment procedure - ANSWER✔✔ A procedure performed by the auditor
to obtain information for identifying and assessing the risks of material
misstatement in the financial statements whether due to error or fraud. Risk
assessment procedures by themselves do not provide sufficient, appropriate
evidence on which to base an audit opinion but are used for purposes of planning
the audit.
substantive procedures - ANSWER✔✔ the detailed audit and analytical procedures
designed to detect material misstatements in account balances and footnote
disclosures
AND ANSWERS 100% CORRECT!!!
Designing substantive procedures responds to - ANSWER✔✔ The risk of material
misstatement at the assertion level.
Which assertion is typically related to income statement accounts rather than
balance sheet accounts or presentation and disclosure - ANSWER✔✔ Cutoff
The nature of an audit procedure refers to: - ANSWER✔✔ Its purpose and its type
Analytical procedures - ANSWER✔✔ Are required during the planning and
substantive testing phases of the audit.
When analyzing the results of substantive procedures, auditors should be aware of:
- ANSWER✔✔ Confirmation bias.
Risk assessment procedure - ANSWER✔✔ A procedure performed by the auditor
to obtain information for identifying and assessing the risks of material
misstatement in the financial statements whether due to error or fraud. Risk
assessment procedures by themselves do not provide sufficient, appropriate
evidence on which to base an audit opinion but are used for purposes of planning
the audit.
substantive procedures - ANSWER✔✔ the detailed audit and analytical procedures
designed to detect material misstatements in account balances and footnote
disclosures
