Describe the five types of audit tests. Identify which of the five types are substantive tests, and which are used to reduce assessed control risk.

substantive tests

dollar amounts -tests of transactions -tests of balances -analytical procedures

5 types of audit tests

1. risk assessment procedures 2. tests of control 3. tests of transactions 4. tests of balances 5. analytical procedures

analytical procedures

alternative substantive tests overall look at FS/accounting balance

tests of control

assurance gathered as to the operating effectiveness of internal control

tests of balances

balance sheet ending cash balance tests

risk assessment procedures

risk of material misstatement on financial statement