What term refers to the determination of the amount of time to spend testing the client's internal controls and conducting detailed testing of transactions and account balances?
A)Audit strategy
B)Risk response
C)Reporting
D)Risk assessment

Question

Quizplus · Accepted Answer

The determination of the amount of time to spend testing the client's internal controls and conducting detailed testing of transactions and account balances is part of the audit strategy, which outlines the scope, timing, and direction of the audit. Risk response refers to the actions taken by the auditor to address identified risks during the audit. Reporting is the final stage of the audit process where the auditor communicates the results of the audit to the users of the financial statements. Risk assessment is the process of identifying and analyzing risks that may affect the financial statements.

What Term Refers to the Determination of the Amount of Time