DeVry ACCT 444 Week 1-5 Complete Quizzes
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3. (TCO 6) The Auditing Standards Board has concluded that analytical procedures are so<br />
important that they are required during (Points : 3)<br />
planning and testing phases.<br />
planning and completion phases.<br />
testing and completion phases.<br />
planning, testing, and completion phases.<br />
Chapter 7<br />
3. (TCO 6) The primary purpose of performing analytical procedures in the testing phase of an<br />
audit is to (Points : 3)<br />
help the auditor obtain an understanding of the client’s industry and business.<br />
assess the going concern assumption.<br />
indicate possible misstatements.<br />
reduce detailed tests.<br />
Chapter 7<br />
3. (TCO 6) Which of the following statements regarding analytical procedures is not correct?<br />
(Points : 3)<br />
The definition of analytical tests emphasizes a comparison of client’s data to GAAP.<br />
Analytical procedures are required on all audits.<br />
Analytical procedures can be used as substantive tests.<br />
For certain accounts with small balances, analytical procedures alone may be sufficient evidence.<br />
Chapter 7
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