Describe the Five Types of Audit Tests

question 15

Essay

Describe the five types of audit tests. Identify which of the five types are substantive tests, and which are used to reduce assessed control risk.

---

Definitions:

Manufactured

The process of producing goods using labor, machines, tools, and chemical or biological processing.

Allergy

An immune system response to a foreign substance that is not typically harmful to the body, such as pollen, food, or pet dander, often resulting in symptoms like itching, sneezing, or rash.

Stockbroker

A professional who buys and sells stocks and other securities on behalf of clients in exchange for a fee or commission.

Retail Stores

Businesses that sell goods or commodities directly to consumers from a particular location or outlet.