For A through F place an X in the box (for Situation 1 or Situation 2)which is most accurate for each statement below;if for any question you believe that the situations are the same relating to that question place an X in each of the two boxes.
In both situations assume inherent risk is at a high level.
Situation 1: While obtaining an understanding of internal control,you have determined that it appears to be very strong. You choose not to test controls in the area.
Situation 2: While obtaining an understanding of internal control,you have determined that it appears to be adequate-not strong,not weak. You choose to test controls in the area-they reveal that the system functions as expected.
Correct Answer:
Verified
\...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q87: Which of the following would least likely
Q88: A primary objective of procedures performed to
Q89: An integrated audit performed under Section 404b
Q90: When performing an internal control audit
Q91: When considering a client's internal control,the auditors
Q92: The internal control provisions of the Sarbanes-Oxley
Q93: Auditors are required to consider a client's
Q94: Tests of controls are most likely to
Q96: When performing an audit of internal
Q97: Which of the following statements regarding auditor
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents