Difference Between Test Of Control And Substantive Procedures Essays and Term Papers

  • Isa 520

    INTERNATIONAL STANDARD ON AUDITING 520 ANALYTICAL PROCEDURES (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Introduction|Paragraph|| ||| Scope of this ISA .........................................................................

    Premium | 2612 Words | 12 Pages

  • Analytical Procedures – a Powerful Tool for Auditors by David Chow

    Learning Zone Analytical Procedures – A Powerful Tool for Auditors (Relevant to Paper 8 – Principles of Auditing and Management Information Systems) David Chow FCCA, FCPA, CPA (Practising) Audit tests Auditors normally carry out the following types of audit tests to determine whether financial...

    Premium | 1544 Words | 6 Pages

  • Auditing & Assurance

    ACCY342 Auditing & Assurance Services Autumn Session 2012 Lecture 11 17/05/2012 Chapter 11 Substantive Testing and Income Statement accounts Risk and substantive procedures 1. Differences between auditing Income Statement and Balance Sheet accounts    Balance sheet accounts typically represent...

    Premium | 939 Words | 7 Pages

  • audit test

    Learning Zone Analytical Procedures – A Powerful Tool for Auditors (Relevant to Paper 8 – Principles of Auditing and Management Information Systems) David Chow FCCA, FCPA, CPA (Practising) Audit tests assessment of risks of material misstatement at the assertion level includes an expectation ...

    Premium | 1521 Words | 14 Pages

  • PSA 520

    use of analytical procedures as substantive procedures (“substantive analytical procedures”), and as procedures near the end of the audit that assist the auditor when forming an overall conclusion on the financial statements. The use of analytical procedures as risk assessment procedures is dealt with in...

    Premium | 2373 Words | 8 Pages

  • Acca F8 Toc

    Substantive Procedures - Class of Transactions SALES AND SALES RETURN Occurrence  Compare Sales of this year with Sales of last year as well as Analytical Procedures (for with budgeted and Industry average. Investigate unusual Overstatement) difference.  Completeness (for ...

    Premium | 6999 Words | 91 Pages

  • Analytical Procedures

    01 tecHnicAl analytical procedures relevAnt to AccA QuAlificAtion PAPers f8 AnD P7 AnD cAt PAPer 8 ‘The auditor shall design and perform audit procedures that are appropriate in the circumstances for the purpose of obtaining sufficient appropriate audit evidence.’ (ISA/HKSA 500(6)) To...

    Premium | 2073 Words | 12 Pages

  • The Concepts of Cpa

    Why Do Auditors Over-Rely on Weak Analytical Procedures? The Role of Outcome and Insensitivity to Precision Steven M. Glover PricewaterhouseCoopers Research Fellow Glover@byu.edu (801) 422-6080 Douglas F. Prawitt Deloitte Research Fellow Doug_Prawitt@byu.edu (801) 422-2351 T....

    Premium | 5139 Words | 16 Pages

  • Week 5 Solutions

    Substantive | S T of T | Posting and summarization | N/A | 2. Acquisition and Payment | Documentation | Test of control or Substantive | S T of T | Occurrence | N/A | 3. Acquisition and Payment | Documentation | Substantive | ...

    Premium | 819 Words | 4 Pages

  • ACC431

    Chapter 14 Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions This is an essential chapter because it is the first chapter to deal with specific evidence in an audit area. It is essential that the concepts of previous chapters be applied to the sales...

    Premium | 1892 Words | 15 Pages

  • Intwernal Control & Audit of Financial Statements

    Tests of controls consist of procedures directed toward the evaluation of the effectiveness of the design and implementation of internal controls (AU 319).when tests of controls look at design issues, the auditors evaluates whether the control has been properly designed to prevent or detect material...

    Premium | 368 Words | 1 Pages

  • Messier Audit Chpt 9 Testbank

    Chapter 09 Audit Sampling: An Application to Substantive Tests of Account Balances     True / False Questions   1. The purpose of audit sampling is to draw inferences about the entire population from the results of a sample.    True    False   2. The size of the upper limit on misstatement...

    Premium | 8309 Words | 38 Pages

  • Audit Chapter 9 Notes

    i Chapter 9 Notes What is Audit Sampling? * Audit Sampling – applying a procedure to less than 100% of a population to estimate some characteristic of that population * Sampling Risk – risk that a sample may not be representative of the population * Risk that the auditor’s conclusion...

    Premium | 1245 Words | 6 Pages

  • Chapter 13 Lc

    is applicable to both tests of controls and substantive tests. However, it is not equally applicable to all auditing procedures. For example, it is widely used in vouching, confirming, and tracing, but it is ordinarily not used in inquiring, observing, and analytical procedures. 13-2. a. Sampling...

    Premium | 4877 Words | 19 Pages

  • No File

    will be exposed to the principles of auditing in performing the auditing task. The coverage of the course includes collection of evidence, internal control evaluation, auditing documentation until the issuance of an audit report. Methodology and auditing financial statement cycle such as sales and collection...

    Premium | 1571 Words | 7 Pages

  • Auditors Serious: Cash Audits

    Pre-Enron, a study was taken on companies and it was discovered that “less than 10 percent of all companies have detailed, written cash management procedures. A 1985 and 1986 Greenwich Research Associates survey found that less than 5 percent of all companies conducted consulting assignments on their internal...

    Premium | 2296 Words | 7 Pages

  • Auditing

    appropriate evidence it is not possible to from an opinion due to potential interaction of multiple uncertainties Material misstatements * Difference between the amount, classification, presentation, or discloser of a reported financial report item and the amount, classification, presentation, or disclosure...

    Premium | 10111 Words | 40 Pages

  • Cga Assignment Au1

    for Mona and Michael’s to understand Difference between an Audit, a review and a compilation: Basis | Audit | Review | Compilation | Audit evidence | Require extensive audit evidence. | Require moderate audit evidence. | Require minor audit evidence. | Procedures | Inspection Observation Inquiry ...

    Premium | 2373 Words | 11 Pages

  • Auditing

    Page 1 of 14 CPA REVIEW SCHOOL OF THE PHILIPPINES Manila AUDITING THEORY AUDIT SAMPLING Related PSA: PSA 530 When designing audit procedures, the auditor should determine appropriate means of selecting items for testing. The means available to the auditor are: (a) Selecting all items (100% examination);...

    Premium | 7448 Words | 22 Pages

  • Course notes

    Risk Assessment: Internal Control Evaluation   Multiple Choice Questions   1. An audit team's responsibility would not include  A. Designing client's internal controls. B. Documentation of understanding of a client's internal controls. C. Communicating internal control deficiencies. D. Assessing...

    Premium | 13388 Words | 86 Pages