Analytical Procedures Are a Required Form of Substantive Testing in the Testing

question 58

True/False

Analytical procedures are a required form of substantive testing in the testing phase of the audit.

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Definitions:

Industry Specific

Pertaining to conditions or practices unique to a particular industry, trade, or field.

Differential Reporting

Provision within accounting standards or a regulatory framework that facilitates different reporting requirements for different categories of entities.

Accounting Policies

The specific principles, bases, conventions, rules, and practices applied by an entity in preparing and presenting financial statements.

AASB 6

Refers to the Australian Accounting Standards Board standard that deals with the exploration for and evaluation of mineral resources.