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.
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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