1. Explain what we mean by the term substantive tests of transactions. Describe steps auditors use to plan and execute a test of details.2. Describe samples of risk and tests for audit objectives fo

1.  Explain what we mean by the term substantive tests of transactions.  Describe steps auditors use to plan and execute a test of details.

2. Describe samples of risk and tests for audit objectives for accounts receivable.

3. Explain what is meant by the term Monetary Unit Sampling. 

Explain how MUS applies to auditing of sales and collections that you are studying in chapter 9.

4.  Describe the advantages and disadvantages of MUS versus classical variables sampling.

5. Describe the options auditors have in responding to sample results that indicate that auditee's balances are misstated