Performing numerical accuracy tests for foreign currency translation, payroll taxes, interest on loans outstanding, and depreciation calculations ________.
A)is the role of the internal audit function
B)is the responsibility of management
C)is referred to as recalculation
D)is unnecessary if the client is assessed as having low control risk

Question

Quizplus · Accepted Answer

Recalculation involves verifying the mathematical accuracy of documents or records, which is what performing numerical accuracy tests for the mentioned financial aspects entails.

Performing Numerical Accuracy Tests for Foreign Currency Translation, Payroll Taxes