The three levels of substantive procedures that can be performed in decreasing order of assurance required are:

Related MCQs

• If the desired overall assurance from audit is 95%, the inherent risk is 40% and the control risk is 50%, what would be the desired assurance from substantive tests
• The extent of audit procedures and the the level of assurance required are
• what are the audit procedures commonly used to obtain audit assurance?
• These are Performed if the audit team plans to take assurance from mitigating controls or from other controls .
• Analytical Procedures are unlikely to be used when these are performed.
• Transaction audit is linked to a specific assurance on an individual set of financial Statements in a particular year
• Which of the following is not a part of analytical procedures?
• Which of the audit procedures is a form of inductive reasoning where the reasonableness of the aggregate results is inferred from the evidence of reliability of the individual details that are tested?
• Instructions to audit team members on the performance of chosen audit procedures are contained in the
• Policies, systems and procedures established by Comptroller and Auditor General to maintain a high standard of audit activity are also called