List Two Common Tests of Details of Balances Procedures the Auditor

question 5

Essay

List two common tests of details of balances procedures the auditor would perform when testing for the balance-related audit objective of realizable value.

---

Definitions:

Fairly Applied

A principle ensuring policies, rules, and decisions are implemented in a just, equitable, and unbiased manner.

Commutative Justice

A form of justice that refers to the fairness in agreements and exchanges between individuals or groups, ensuring what is exchanged is of equal value.

Newer Models

Updated or more recent versions of products, systems, or theories that aim to improve upon or replace older versions.

Justice View

An ethical perspective that emphasizes fairness in the distribution of resources, opportunities, and treatment.