Author Question: Which of the following discoveries through the use of analytical procedures would most likely ... (Read 154 times)

lauraleepop · **on:** Aug 21, 2022

Question 1

When the auditor uses tracing as an audit procedure for tests of transactions, he or she is primarily concerned with which audit objective?
◦ occurrence
◦ completeness
◦ cutoff
◦ classification

Question 2

Which of the following discoveries through the use of analytical procedures would most likely indicate a relatively high risk of financial failure?
◦ a decline in gross margin percentages
◦ an increase in the balance in fixed assets
◦ an increase in the ratio of allowance for uncollectible accounts to gross accounts receivable, while at the same time accounts receivable turnover also decreased
◦ a higher than normal ratio of long-term debt to net worth as well as a lower than average ratio of profits to total assets

Mynameisrandom · **Reply #1 on:** Aug 21, 2022

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