Solved

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

Question 132

Matching

Match seven of the terms (a-k)with the definitions provided below (1-7):

Premises:
Implied or expressed representations made by the client about classes of transactions account balances and disclosures in the financial statements.
Audit procedures testing for monetary misstatements to determine whether the balance-related audit objectives have been satisfied for each significant account balance.
An intentional misstatement of the financial statements.
Audit procedures designed to test the effectiveness of control policies and procedures.
A set of nine audit objectives the auditor must meet including completeness detail tie-in and rights and obligations.
Use of comparisons and relationships to assess whether account balances or other data appears reasonable.
A set of six audit objectives the auditor must meet including timing posting and summarization and accuracy.
Responses:
Tests of details of balances
Management fraud
Substantive tests of transactions
Illegal act
Balance-related audit objectives
Tests of controls
Analytical procedures
Management assertions
Error
Fraud
Transaction-related audit objectives

Correct Answer:

Tests of details of balances
Management fraud
Substantive tests of transactions
Illegal act
Balance-related audit objectives
Tests of controls
Analytical procedures
Management assertions
Error
Fraud
Transaction-related audit objectives
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