GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
21st Edition
ISBN: 9781260427202
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Question
Chapter 5, Problem 39QRA
a.
To determine
Explain the use of analytical procedures in the given cases.
b.
To determine
List five information sources that are available to the auditors in developing expectations for analytical procedures.
c.
To determine
List four techniques which help the auditor in developing expectations for analytical procedures.
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Describe FOUR matters that an auditor needs to keep in mind when considering how useful the application of analytical procedures will be as an audit procedure.
An audit plan is :
a.
The blueprint for conducting the audit and accomplishing the audit objectives.
b.
The flowchart for conducting the audit and accomplishing the audit objectives.
c.
The footprint for conducting the audit and accomplishing the audit objectives.
d.
The gannchart for conducting the audit and accomplishing the audit objectives.
You have been asked by the audit manager to undertake preliminary analytical procedures.
a) Identify the most important reasons for performing analytical procedures. b) Describe the broad purposes of analytical procedures.
Chapter 5 Solutions
GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
Ch. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Distinguish among routine, nonroutine, and...Ch. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - As part of the verification of accounts receivable...Ch. 5 - Prob. 9RQCh. 5 - When in the course of an audit might the auditors...
Ch. 5 - Prob. 11RQCh. 5 - Prob. 12RQCh. 5 - Prob. 13RQCh. 5 - Prob. 14RQCh. 5 - Prob. 15RQCh. 5 - Prob. 16RQCh. 5 - Prob. 17RQCh. 5 - Prob. 18RQCh. 5 - Prob. 19RQCh. 5 - What disclosures should be made in the financial...Ch. 5 - Prob. 21RQCh. 5 - Prob. 22RQCh. 5 - Prob. 23RQCh. 5 - Prob. 24RQCh. 5 - Prob. 25RQCh. 5 - Prob. 26RQCh. 5 - Prob. 27RQCh. 5 - Prob. 28RQCh. 5 - Prob. 29RQCh. 5 - Prob. 30RQCh. 5 - Prob. 31RQCh. 5 - I have finished my testing of footings of the cash...Ch. 5 - Prob. 33RQCh. 5 - Prob. 34RQCh. 5 - Financial statements contain a number of...Ch. 5 - Prob. 36QRACh. 5 - In an audit of financial statements, the auditors...Ch. 5 - Prob. 38QRACh. 5 - Prob. 39QRACh. 5 - Prob. 40QRACh. 5 - Prob. 41QRACh. 5 - Prob. 42QRACh. 5 - Prob. 43QRACh. 5 - Prob. 44QRACh. 5 - Prob. 45AOQCh. 5 - Prob. 45BOQCh. 5 - Prob. 45COQCh. 5 - Prob. 45DOQCh. 5 - Prob. 45EOQCh. 5 - Prob. 45FOQCh. 5 - Prob. 45GOQCh. 5 - Prob. 45HOQCh. 5 - Prob. 45IOQCh. 5 - Prob. 45JOQCh. 5 - Prob. 45KOQCh. 5 - A difference of opinion concerning accounting and...Ch. 5 - Prob. 46OQCh. 5 - Prob. 47OQCh. 5 - Prob. 48AOQCh. 5 - Prob. 48BOQCh. 5 - Prob. 48COQCh. 5 - The cost of analytical procedures in terms of time...Ch. 5 - Prob. 48EOQCh. 5 - Prob. 49OQCh. 5 - Prob. 50PCh. 5 - Prob. 51PCh. 5 - Prob. 52PCh. 5 - Prob. 53PCh. 5 - Prob. 54PCh. 5 - Prob. 55PCh. 5 - Prob. 56P
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Similar questions
- The audit process may be divided up into four phases. At which phase would the auditor normally evaluate the integrity of management and consider ethical requirements? Select one: a. Conduct the audit. b. Plan the audit. c. Pre-engagement d. complete the auditarrow_forwardAnalytical procedures are a critical part of audit work. Describe at least three different analytical procedures and explain how to perform each. Specify what the results will reveal about the client.arrow_forwardd) Name the four types of tests auditors normally perform in an audit after risk assessment is done.arrow_forward
- Explain how analytical procedures are useful in: (1) The risk assessment stage of the audit. (2) The substantive procedures stage of the audit. (3) Near the end of the audit.arrow_forwardlist the four types of information the auditor should obtain or review as a part of gaining background information for the audit, and provide one specific example of how the information will be useful in conducting an audit.arrow_forwardWhich of the following BEST describes the purpose of the audit planning phase? a) To determine the timing of the audit work. b) To communicate the results of the audit. c) To document the scope, objective(s), preliminary risk assessment and plan for the audit. d) To document the plan for substantive audit requirements.arrow_forward
- The audit process is the sequence of different activities involved in an audit. Identify the phase in the audit that is captured by this primary objective: 1. To assess and evaluate the quality of services delivered by the engagement team. * 2. To assess the different risks associated with the audit to determine the nature, timing and extent of further audit procedures necessary to be performed. * 3. To assist the auditor in assessing conclusion reached whether it is consistent with evidence gathered. * Pre-engagement Audit planning Consideration of internal controls Evidence-gathering (substantive testing) Completing the audit Issuance of the audit report Post-audit responsibilitiesarrow_forwardWhere the auditor should summarize the overall audit strategy that contains the key decisions about the scope, timing and conduct of the audit a. Audit plan b. Memorandum c. Audit working papers d. Audit Note bookarrow_forwardIn which stage of audit the audit program will be created ? a. Fieldwork b. Reporting c. Planning d. Followuparrow_forward
- You have been asked by the audit manager to undertake preliminary analytical procedures.a) Identify the sources of information from which an auditor develops expectations.b) Describe the factors that influence an auditor’s consideration of the reliability of data for purposes of achieving audit objectives.arrow_forwardWhich 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.arrow_forwardThe auditor should summarize the overall audit strategy that contains the key decisions about the scope, timing, and conduct of a. Audit plan O b. Note. C ..Review working papers d. Audit memo bookarrow_forward
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