Analytical review procedures enable the internal auditor to predict the balance or quantity of an item. Information to develop this estimate can be obtained by all of the following, except:

Question

Accepted Answer

Tracing transactions through the system to determine whether procedures are being applied as prescribed.

Answer

Comparing financial data with data for comparable prior periods, anticipated results (e.g. budgets and forecasts), and similar data for the industry in which the entity operates.

Answer

Studying the relationships of financial data with relevant non-financial data.

Answer

Studying the relationships of elements of financial data that would be expected to conform to a predictable pattern based upon the entity’s experience.

Crowdly

Analytical review procedures enable the internal auditor to predict the balance ...

Want instant access to all verified answers on mymodules.dtls.unisa.ac.za?