SU 10

Question 1

This is a measure of the quantity of evidence

Answer 1

Sufficiency is a measure of quantity.

Question 2

This is a measure of the quality of evidence

Answer 2

Appropriateness is a measure of evidence.

Question 3

What are substantive procedures?

Answer 3

Test of details (transaction classes,balances and disclosures) and substantive analytical procedures

Question 4

Inspection facts

Answer 4

*Inspection as in looking for approvals is a test of controls
*Inspection as in examining documents, transaction classes, balances, disclosures is a substantive procedure

Question 5

Inquiry facts

Answer 5

*Inquiry as in asking mgmt how often cash is deposited is a test of controls
*inquiry as in asking mgmt about subsequent events is a substantive procedure

Question 6

What are the 5 test of controls (IIORR)

Answer 6

Inquiry
Inspection
Observation
Reperformance
Recalculation