Steps used in developing an audit strategy for management assertions include _______.
A)understanding the flow of transactions in a given transaction cycle
B)assessing whether controls exist to mitigate what can go wrong
C)determining an audit strategy at the assertion level
D)All of these answer choices are correct

Question

Quizplus · Accepted Answer

All the options mentioned including understanding the flow of transactions, assessing controls, and determining an audit strategy at the assertion level are important steps in developing an effective audit strategy for management assertions. Therefore, all answer choices are correct.

Steps Used in Developing an Audit Strategy for Management Assertions