Answered: 1. Auditors use substantive

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

True or false:

1. Auditors use substantive analytical procedures and tests of details of balances to satisfy planned
control risk

2. The Securities and Exchange Commissions will set up the Office of the Whistleblower sometime in
the near future in an effort to combat fraud and offer monetary rewards for being a whistleblower

3. Transactions with related parties must be disclosed in the financial statements if they are deemed to
be material.

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in question 2 about the Office of the Whistleblower being established in the future, isnt it supposed to be false as it is already established?

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Audit procedures for items of Financial Statement

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