1 on What Basis Are the Tests of Details of Balances

question 7

Essay

1. On what basis are the tests of details of balances planned?
2. What are the stages in applying analytical procedures to payables?

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Definitions:

Environmental Events

Occurrences or changes in the external environment that can impact an organization, such as natural disasters, regulatory changes, or economic shifts.

Countertrends

Movements or changes that go against the prevailing direction or trends in a particular area or sector.

Professional Associations

Organizations that aim to further a particular profession, protect the interests of its members, and improve professional standards, education, and ethics.

Environmental Scanning

The process of collecting information about external forces that can impact an organization's success, to assist in strategic planning.