Which of the following further audit procedures are used to determine whether all six transaction-related audit objectives have been achieved for each class of transactions?
A)Tests of controls
B)Risk assessment procedures
C)Substantive tests of transactions
D)Preliminary analytical procedures

Question

Quizplus · Accepted Answer

Substantive tests of transactions are used to specifically test each transaction to ensure that all six transaction-related audit objectives have been achieved. Tests of controls are used to assess the effectiveness of internal controls, risk assessment procedures are used to identify potential risks, and preliminary analytical procedures are used to gain an understanding of the client's business and identify potential areas of risk, but none of these procedures specifically test whether all six objectives have been achieved for each transaction.

Which of the Following Further Audit Procedures Are Used to Determine