Which of the following is the major purpose of performing analytical procedures in internal audits? a. To perform additional audit procedures. b. To plan the audit engagement. c. To obtain audit evidence. d. To study

Which of the following is the major purpose of performing analytical procedures in internal audits? a. To perform additional audit procedures. b. To plan the audit engagement. c. To obtain audit evidence. d. To study

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

Which of the following is the major purpose of performing analytical procedures in internal audits?

a. To perform additional audit procedures.

b. To plan the audit engagement.

c. To obtain audit evidence.

d. To study relationships among elements of information.

Definition Definition Methods and techniques used by the auditor to gather the appropriate evidence so that a true and fair judgment can be made on the quality of the financial statements of the client. Audit procedures are developed after determining audit objectives, scope, approach, and risk assessment.

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