In the Context of an Audit of Financial Statements,substantive Procedures

question 27

Multiple Choice

In the context of an audit of financial statements,substantive procedures are audit procedures that

• A) May be eliminated under certain conditions.
• B) Are primarily designed to discover significant subsequent events.
• C) May be either tests of details of transactions, tests of details of account balances, or analytical procedures.
• D) Will increase proportionately with an increase in the auditor's reliance on internal control.

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Definitions:

Clipboard Group

A set of features in software applications that allows users to cut, copy, and paste elements within and across documents.

Format Symbol

A character or set of characters used to define the display properties of numbers, dates, and other data types in software applications.

Error Messages

Error messages are notifications displayed by computer systems or applications to inform users of a problem, malfunction, or incorrect action.

#REF! Error

An error in spreadsheets indicating a reference to a cell, range, or object that cannot be found, often due to deletion or incorrect notation.