Exam 9: Execution of the Audit Performing Substantive Procedures

Jocelyne Yu is performing procedures and has decided to vouch the balance in the fixed assets ledger of a furniture manufacturing company back to supporting documentation. She is performing a

Comparing the number of days purchases in trade payables with prior years would provide persuasive evidence of accounts payable.

Variables estimation sampling is used:

Larry French is trying to determine the extent of testing his team will have to perform in order to determine whether controls are working. How will he decide how much testing to perform?

Roll-forward procedures are performed during the period between the end of the financial year and the date of the audit report.

Which of the following statements is correct?

Which of the following factors should not influence the extent and timing of when substantive procedures are performed?

Which of the following examples of substantive procedures would often be performed prior to year-end?

The purpose of substantive procedures includes obtaining direct evidence as to:

Audit sampling is the application of audit procedures to less than 100 per cent of items within a population.

The primary purpose of vouching is to ensure that:

Which of the following statements is correct?

Manny Regimbald is concerned about the audit of a high risk client, the Lewiston Stampeders. He believes that there is a high likelihood that because his audit team is inexperienced that the testing procedures will not detect a material misstatement. This is a(n)

The lack of significant change in an account balance from one year to the next does not necessarily mean that the auditor can assume the balance is reasonable.

Explain the difference between vouching and tracing.