Audit procedure is part of internal control performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. An analytical procedure is a part of audit procedure that evaluates the financial statement by comparing the financial data with the non-financial data. To describe: Reasons for auditors to generally follow the substantive strategy when audit the long term debt and capital account.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 15, Problem 15.1RQ

To determine

Concept Introduction:

Audit procedure is part of internal control performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. An analytical procedure is a part of audit procedure that evaluates the financial statement by comparing the financial data with the non-financial data.

To describe:Reasons for auditors to generally follow the substantive strategy when audit the long term debt and capital account.

Expert Solution & Answer

Explanation of Solution

A substantive strategy helps to identify the evidence related to a particular transaction, or it helps to collect the reasonable evidence for a specific assertion. While auditing the long term debt and capital account, the auditor follows the substantive strategy, because it is more efficient to use and provide an appropriate result.
The reliance strategy describes when the auditor depends on the test of control to perform the audit, and the auditor should have proper knowledge of tests of controls. The auditors would follow the reliance strategy when the organization continuously involved in the financing activities and performs tests of controls.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

image is blurr please comment i will write values then solve.Please don't solve i mistakely posted blurr image. i will give unhelpful if answer is incorrect..

no solve with assumption data Please don't solve i mistakely posted blurr image. i will give unhelpful if answer is incorrect..

Crenshaw, Incorporated, is considering the purchase of a $367,000 computer with an economic life of five years. The computer will be fully depreciated over five years using the straight-line method. The market value of the computer will be $67,000 in five years. The computer will replace five office employees whose combined annual salaries are $112,000. The machine will also immediately lower the firm's required net working capital by $87,000. This amount of net working capital will need to be replaced once the machine is sold. The corporate tax rate is 22 percent. The appropriate discount rate is 15 percent. Calculate the NPV of this project. Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. NPV Answer is complete but not entirely correct. S 103,141.80

Answer 2

Question

Chapter 15, Problem 15.1RQ

To determine

Concept Introduction:

Audit procedure is part of internal control performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. An analytical procedure is a part of audit procedure that evaluates the financial statement by comparing the financial data with the non-financial data.

To describe:Reasons for auditors to generally follow the substantive strategy when audit the long term debt and capital account.

Expert Solution & Answer

Explanation of Solution

A substantive strategy helps to identify the evidence related to a particular transaction, or it helps to collect the reasonable evidence for a specific assertion. While auditing the long term debt and capital account, the auditor follows the substantive strategy, because it is more efficient to use and provide an appropriate result.
The reliance strategy describes when the auditor depends on the test of control to perform the audit, and the auditor should have proper knowledge of tests of controls. The auditors would follow the reliance strategy when the organization continuously involved in the financing activities and performs tests of controls.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 15, Problem 15.1RQ

To determine

Concept Introduction:

Audit procedure is part of internal control performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. An analytical procedure is a part of audit procedure that evaluates the financial statement by comparing the financial data with the non-financial data.

To describe:Reasons for auditors to generally follow the substantive strategy when audit the long term debt and capital account.

Expert Solution & Answer

Explanation of Solution

A substantive strategy helps to identify the evidence related to a particular transaction, or it helps to collect the reasonable evidence for a specific assertion. While auditing the long term debt and capital account, the auditor follows the substantive strategy, because it is more efficient to use and provide an appropriate result.
The reliance strategy describes when the auditor depends on the test of control to perform the audit, and the auditor should have proper knowledge of tests of controls. The auditors would follow the reliance strategy when the organization continuously involved in the financing activities and performs tests of controls.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 15, Problem 15.1RQ

To determine

Concept Introduction:

Audit procedure is part of internal control performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. An analytical procedure is a part of audit procedure that evaluates the financial statement by comparing the financial data with the non-financial data.

To describe:Reasons for auditors to generally follow the substantive strategy when audit the long term debt and capital account.

Expert Solution & Answer

Explanation of Solution

A substantive strategy helps to identify the evidence related to a particular transaction, or it helps to collect the reasonable evidence for a specific assertion. While auditing the long term debt and capital account, the auditor follows the substantive strategy, because it is more efficient to use and provide an appropriate result.
The reliance strategy describes when the auditor depends on the test of control to perform the audit, and the auditor should have proper knowledge of tests of controls. The auditors would follow the reliance strategy when the organization continuously involved in the financing activities and performs tests of controls.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 15, Problem 15.1RQ

To determine

Concept Introduction:

Audit procedure is part of internal control performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. An analytical procedure is a part of audit procedure that evaluates the financial statement by comparing the financial data with the non-financial data.

To describe:Reasons for auditors to generally follow the substantive strategy when audit the long term debt and capital account.

Expert Solution & Answer

Explanation of Solution

A substantive strategy helps to identify the evidence related to a particular transaction, or it helps to collect the reasonable evidence for a specific assertion. While auditing the long term debt and capital account, the auditor follows the substantive strategy, because it is more efficient to use and provide an appropriate result.
The reliance strategy describes when the auditor depends on the test of control to perform the audit, and the auditor should have proper knowledge of tests of controls. The auditors would follow the reliance strategy when the organization continuously involved in the financing activities and performs tests of controls.

Answer 6

Chapter 15, Problem 15.1RQ

To determine

Concept Introduction:

Audit procedure is part of internal control performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. An analytical procedure is a part of audit procedure that evaluates the financial statement by comparing the financial data with the non-financial data.

To describe:Reasons for auditors to generally follow the substantive strategy when audit the long term debt and capital account.

Expert Solution & Answer

Explanation of Solution

A substantive strategy helps to identify the evidence related to a particular transaction, or it helps to collect the reasonable evidence for a specific assertion. While auditing the long term debt and capital account, the auditor follows the substantive strategy, because it is more efficient to use and provide an appropriate result.
The reliance strategy describes when the auditor depends on the test of control to perform the audit, and the auditor should have proper knowledge of tests of controls. The auditors would follow the reliance strategy when the organization continuously involved in the financing activities and performs tests of controls.

Answer 7

Chapter 15, Problem 15.1RQ

To determine

Concept Introduction:

Audit procedure is part of internal control performed by the auditor, to gather the possible document that helps the auditors to make a strong conclusion. The audit procedure helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. An analytical procedure is a part of audit procedure that evaluates the financial statement by comparing the financial data with the non-financial data.

To describe:Reasons for auditors to generally follow the substantive strategy when audit the long term debt and capital account.

Answer 8

Expert Solution & Answer

Explanation of Solution

A substantive strategy helps to identify the evidence related to a particular transaction, or it helps to collect the reasonable evidence for a specific assertion. While auditing the long term debt and capital account, the auditor follows the substantive strategy, because it is more efficient to use and provide an appropriate result.
The reliance strategy describes when the auditor depends on the test of control to perform the audit, and the auditor should have proper knowledge of tests of controls. The auditors would follow the reliance strategy when the organization continuously involved in the financing activities and performs tests of controls.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 15 - Prob. 15.1RQ Ch. 15 - Prob. 15.2RQ Ch. 15 - Prob. 15.3RQ Ch. 15 - Prob. 15.4RQ Ch. 15 - Prob. 15.5RQ Ch. 15 - Prob. 15.6RQ Ch. 15 - Prob. 15.7RQ Ch. 15 - Prob. 15.8RQ Ch. 15 - Prob. 15.9RQ Ch. 15 - Prob. 15.10RQ

Explanation of Solution

Want to see more full solutions like this?

Chapter 15 Solutions