The \"audit procedures performed\" are below The \"classification of audit proce

Question

The "audit procedures performed" are below

The "classification of audit procedure" are below

Audit Procedures For each of the procedures described in the table below, double-dlick in the associated shaded cell and solect from the list provided the proper classification of the audit procedure. A selection may be used once, more than once, or not at all. audit procedure that the auditor performed. Then, select from the list provided the Audit Procedure Classification of Audit Description of Procedure Performed Procedure 1. Requested the bank to respond to the auditor with the dlient's account balance 2. Asked management to describe any potential or actual leg al actions, the probability of an unfavorable outcome, and the amount or range of potential loss for each legal action. 3. Reviewed board of director minutes for authorization of new debt financing 4. Watched the payroll distribution on an unannounced basis. preciation, and estimated economic life and agreed the Computed the amount of depreciation expense based on the book value, company's policy for de amount to the financial statements. 6. Seledted various voucher packages that had been approved and matched the invoice, purchase order, and receiving naport 7. Compared monthly revenue data by month to comparable prior periods and investigated unusual fluctuations

Explanation / Answer

Audit Procedure Classificaton Performed of audit procedure 1 Confirmation Substantive Procedure 2 Disclosure Substantive Procedure 3 Inquiry Substantive Procedure 4 Inspection Test of Controls 5 Recalculation Substantive Procedure 6 Observation Test of Controls 7 Analytical Procedure Substantive Procedure

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