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Describes five types of audit tests of financial statements

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Reference no: EM132470417

The first step in this process is to go to the website of a publicly-traded US company [sorry but teams cannot use Apple, Amazon or Walmart for this assignment] and select the most recent 10-K Form (legally-required document publicly-traded companies must submit to the Securities and Exchange Commission - SEC - on an annual basis. The company chosen is Chevron Corp.

Among other things, this document contains the opinion of the CPA firm regarding the company's financial statements and adherence to Generally Accepted Accounting Principles - GAAP). The contents of this form will be the basis of the team assignments

Question 1: Describes five types of audit tests of financial statements:
(1) Risk Assessment Procedures
(2) Test of Controls
(3) Substantive Tests of Transactions
(4) Analytical Procedures
(5) Tests of Details of Balances

Question 2: Identify which tests are best suited for Chevron Corporation and why.

Question 3: Explain why some tests are not suitable.

Reference no: EM132470417

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