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Match the Audit Strategy with the Audit Strategy Components Listed

Question 43

Matching

match the audit strategy with the audit strategy components listed below. (Items may be used more than once.)

Premises:
Plan few, if any, tests of controls.
Plan to obtain a minimum understanding of relevant portions of internal controls.
Obtain extensive knowledge of the client’s business processes relevant to the assertion.
Use a planned assessed level of control risk of moderate or low.
Responses:
A Primarily Substantive Approach
A Lower Assessed Level of Control Risk Approach
A Response to Lower Inherent Risk Approach

Correct Answer:

Plan few, if any, tests of controls.
Plan to obtain a minimum understanding of relevant portions of internal controls.
Obtain extensive knowledge of the client’s business processes relevant to the assertion.
Use a planned assessed level of control risk of moderate or low.
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