Multiple Choice
The auditor begins selecting controls to test by _______.
A) asking management which controls they would prefer the auditor to test
B) checking the same controls as the prior year
C) by understanding the entity and the business and determining the risk of material fraud or error at the financial statement level
D) by understanding the entity and all other industries and determining the risk of material fraud or error at the financial statement level
Correct Answer:
Verified
Correct Answer:
Verified
Q3: The tolerable deviation rate _.<br>A)is the maximum
Q4: Internal controls can _.<br>A)only include certain procedures
Q5: _ are a combination of testing procedures
Q6: Processing auditor test data using the client's
Q7: _ rate is the maximum rate of
Q9: Inquiry _.<br>A)alone would be considered quality audit
Q10: When designing tests of controls, consideration is
Q11: Detection controls are those applied before transactions
Q12: Prevention controls are those applied to each
Q13: With respect to timing, tests of controls