Essay About Definition Of Tests Of Controls And Substantive Proceduresresults Of Test Of Control

Accounting
Audit requires ______ level of assurance and other assurance engagement requires ______level of assurance and ____evidence.What is audit evidenceT/F: audits look at all the information that might existAudit work is carried out on _____ basisWhat are included in the testing basisWhat is the definition of tests of controls and substantive proceduresResults of test of control will affect the assessment of ____What is control riskTo test controls, auditors will use ___ , ______ and _______Examples of controlsT/F: auditors can only rely on the test of control or substantive proceduresSubstantive procedures must be carried out by auditors on material items, examplesMatter of judgment and most appropriate to analytical procedures and tests of detailSubstantive analytical procedures and tests of detail are most appropriate to whatWays of difference evidence can be obtained by the auditorsWhat is sufficient, appropriate evidenceWhat is the definition of sufficient and appropriate Quantity and quality of evidence required depends on______PPT P9Tests of control are tests of _____  Substantive tests are tests of the ___ of the processAuditors should test the adequacy of ____ first, to determine whatWhat will happen if the controls are weak/strongPPT P12,13What is financial statement assertionsClasses of transactions, account balances, and presentation of disclosurePPT P14,15,16,17 (important)What is audit report The audit opinion may be either ________ or __________What will a modified report occurDescribe the modified opinionWhat id qualified opinion, adverse opinion, disclaimer opinion and due to whatPPT P19,20What is the content of the audit report/must explicitly opine on what issuesWhat is implied opinionsWhat are the main components of an audit report