Tests of controls for non public companies are typically done on transactions
A)for the entire year for a financial statement audit
B)at the end of the year for a Sarbanes-Oxley financial statement audit
C)at the end of the year for a Sarbanes-Oxley financial reporting process
D)of balances on the year-end balance only

Question

Quizplus · Accepted Answer

Tests of controls for non public companies are typically done on transactions for the entire year for a financial statement audit, as opposed to specific point-in-time testing for Sarbanes-Oxley audits. This allows for a more comprehensive understanding of the effectiveness of the company's internal controls over the course of the year.

Tests of Controls for Non Public Companies Are Typically Done