A systems flowchart:
A)Can help an auditor understand an organization's business processes as part of the third generic step of a financial statement audit.
B)Can help an auditor verify all five financial statement assertions as part of the fourth generic step of a financial statement audit.
C)Both can help an auditor understand an organization's business processes as part of the third generic step of a financial statement audit and can help an auditor verify all five financial statement assertions as part of the fourth generic step of a financial statement audit.
D)Neither can help an auditor understand an organization's business processes as part of the third generic step of a financial statement audit nor can help an auditor verify all five financial statement assertions as part of the fourth generic step of a financial statement audit.

Question

Quizplus · Accepted Answer

A systems flowchart can help an auditor understand an organization's business processes, which is part of the third generic step of a financial statement audit. It is not directly used to verify all five financial statement assertions.

A Systems Flowchart