Multiple Choice
For financial statement audits, auditors need to understand controls that are relevant to the audit in order to
A) identify and assess the risks of material misstatements.
B) perform preliminary analytical procedures.
C) detect fraud.
D) assess inherent risk.
Correct Answer:

Verified
Correct Answer:
Verified
Q24: A design deficiency exists if the person
Q25: An auditor is likely to use four
Q26: Auditors often identify less significant internal control-related
Q27: Which of the following best describes the
Q28: Narratives, flowcharts, and internal control questionnaires are
Q30: When a compensating control exists, the absence
Q31: Name four types of evidence which the
Q32: When assessing control risk,<br>A) many auditors use
Q33: You are the audit manager for a
Q34: Key controls are not sufficient to achieve