Which of the following is NOT part of the four-step approach used by auditors to reduce assessed control risk?
A) Identify key controls that should reduce control risk for each transaction-related audit objective.
B) Develop appropriate tests of controls for all internal controls that are used to reduce the preliminary assessment of control risk below maximum (key controls).
C) Apply the transaction-related objectives to the class of transactions being tested.
D) Perform analytical procedures on the transaction cycle tested.

Question

Quizplus · Accepted Answer

Performing analytical procedures on the transaction cycle tested is not part of the four-step approach used by auditors to reduce assessed control risk. The other three steps are key in reducing control risk: identifying key controls, developing appropriate tests of controls, and applying transaction-related objectives to the class of transactions being tested.

Which of the Following Is NOT Part of the Four-Step