Podcast
Questions and Answers
Which auditing technique primarily involves evaluating internal controls to determine their effectiveness?
Which auditing technique primarily involves evaluating internal controls to determine their effectiveness?
- Control testing (correct)
- Analytical procedures
- Compliance testing
- Substantive testing
What is the main objective of substantive testing in an audit?
What is the main objective of substantive testing in an audit?
- To confirm the accuracy of financial statements (correct)
- To evaluate the effectiveness of internal controls
- To ensure compliance with laws and regulations
- To assess the risk of material misstatement
Which technique involves comparing financial statement line items to non-financial data to identify unexpected trends?
Which technique involves comparing financial statement line items to non-financial data to identify unexpected trends?
- Substantive analytical procedures (correct)
- Control risks assessment
- Compliance testing
- Test of details
Which procedure is conducted to ensure that transactions have been recorded properly and are reflected accurately in the financial statements?
Which procedure is conducted to ensure that transactions have been recorded properly and are reflected accurately in the financial statements?
In which stage of the audit process are substantive procedures performed?
In which stage of the audit process are substantive procedures performed?
Flashcards
Auditing Techniques
Auditing Techniques
Methods and procedures used to examine financial records and business operations.
Auditing Procedures
Auditing Procedures
Specific steps taken to gather evidence during an audit.
Financial Records
Financial Records
Documents showing financial transactions and activities.
Business Operations
Business Operations
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Evidence Gathering
Evidence Gathering
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