Auditors have found that the most efficient way to conduct audits is to focus primarily on testing classes of transactions and performing minimal or no tests of ending account balances.

Question

Quizplus · Accepted Answer

This statement is false. Auditors typically perform tests on both transactions and ending account balances to ensure the accuracy of financial statements. Focusing solely on testing transactions and ignoring ending balances could result in material misstatements going undetected.

Auditors Have Found That the Most Efficient Way to Conduct