An analytical procedure is a part of audit procedure that evaluates the financial statement by comparing the financial data with the non-financial data. A substantive analytical procedure helps to identify the shreds of evidence related to a particular transaction, or it helps to collect the reasonable evidence for a specific assertion. To identify: Two substantive analytical procedures that could use to verify prepaid insurance

Question

Want to see the full answer?

Answer 1

Question

Chapter 14, Problem 14.23P

a.

To determine

Concept Introduction:

An analytical procedure is a part of audit procedure that evaluates the financial statement by comparing the financial data with the non-financial data. A substantive analytical procedure helps to identify the shreds of evidence related to a particular transaction, or it helps to collect the reasonable evidence for a specific assertion.

To identify: Two substantive analytical procedures that could use to verify prepaid insurance

b.

To determine

Concept Introduction:

An analytical procedure is a part of audit procedure that evaluates the financial statement by comparing the financial data with the non-financial data. A substantive analytical procedure helps to identify the shreds of evidence related to a particular transaction, or it helps to collect the reasonable evidence for a specific assertion.

To describe: The substantive analytical procedures that should conduct on the schedule of prepaid insurance

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

If Image is blurr then tell me . please comment below i will write values. if you answer with incorrect values i will give unhelpful confirm.

Normal probability distribution Assuming that the rates of return associated with a given asset investment are normally distributed; that the expected return, r, is 17.2%; and that the coefficient of variation, CV, is 0.86, answer the following questions: a. Find the standard deviation of returns, or. b. Calculate the range of expected return outcomes associated with the following probabilities of occurrence: (1) 68%, (2) 95%, (3) 99%. a. The standard deviation of returns, or, is %. (Round to three decimal places.) b. (1) The lowest possible expected return associated with the 68% probability of occurrence is %. (Round to two decimal places.) The highest possible expected return associated with the 68% probability of occurrence is decimal places.) (2) The lowest possible expected return associated with the 95% probability of occurrence is decimal places.) %. (Round to two %. (Round to two The highest possible expected return associated with the 95% probability of occurrence is decimal…

General Finance Please don't answer i posted blurred image mistakely. please comment below i will write values. if you answer with incorrect values i will give unhelpful confirm.