Match Seven of the Terms (A-K) with the Definitions Provided

question 93

Short Answer

Match seven of the terms (a-k) with the definitions provided below (1-7):
a. Tests of details of balances
b. Tests of controls
c. Substantive tests of transactions
d. Analytical procedures
e. Transaction-related audit objectives
f. Management assertions
g. Balance-related audit objectives
h. Fraud
i. Illegal act
j. Error
k. Management fraud
________ 1. An intentional misstatement of the financial statements.
________ 2. A set of six audit objectives the auditor must meet, including timing, posting and summarization, and accuracy.
________ 3. Implied or expressed representations made by the client about classes of transactions, account balances and disclosures in the financial statements.
________ 4. Audit procedures testing for monetary misstatements to determine whether the balance-related audit objectives have been satisfied for each significant account balance.
________ 5. A set of nine audit objectives the auditor must meet, including completeness, detail tie-in, and rights and obligations.
________ 6. Audit procedures designed to test the effectiveness of control policies and procedures.
________ 7. Use of comparisons and relationships to assess whether account balances or other data appears reasonable.

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Definitions:

UPS

United Parcel Service, a global courier and package delivery company. Alternatively, an uninterruptible power supply, a device that provides emergency power during electrical outages.

FedEx

An American multinational delivery services company known for its overnight shipping service and pioneering a system that could track packages and provide real-time updates on package location.

Intrinsic Value

The actual, inherent value of a financial asset, detached from its current market price.

Strike Price

The set price at which an options contract can be bought (call) or sold (put) when it is exercised.