Multiple Choice
The least likely procedure to obtain an understanding of internal controls would be:
A) reviewing previous experience with the client.
B) inspecting documents and records.
C) confirming transactions.
D) inquiring of appropriate management.
E) observing entity operations.
Correct Answer:

Verified
Correct Answer:
Verified
Q78: It is management's responsibility to establish and
Q79: Management's risk assessment for financial reporting purposes
Q80: <b>Monitoring</b> is a process that assesses the
Q81: Under the traditional file method of data
Q82: A very detailed flowchart would be prepared
Q84: With which of the following data processing
Q85: Which of the following is not one
Q86: Standardized internal control questionnaires are used on
Q87: Which of the following is not a
Q88: <b>Transactions </b>consist of exchanges of assets and