Substantive Analytical Procedures Performed During the Testing Phase of the Audit

question 23

Multiple Choice

Substantive analytical procedures performed during the testing phase of the audit

• A) are required under generally accepted auditing standards.
• B) are always done independently from other audit procedures.
• C) are used as a substantive test in support of account balances.
• D) do not need to be documented in the working papers.

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Definitions:

Satisfaction

A measure of how products or services meet or surpass customer expectations.

Consumption

The use of goods and services by households or individuals, typically as it contributes to economic measures like GDP.

Service

An intangible act or use for which a consumer, firm, or government is willing to pay.

Good

An item or service that satisfies a want or need and is available for sale or exchange in the market.