Provisions can be easily audited by controls testing alone.

Name: Provisions can be easily audited by controls testing alone.
Brand: Quizplus
Rating: 4.7 (34 reviews)

Question

Quizplus · Accepted Answer

Controls testing alone cannot fully verify the accuracy and completeness of provisions. Provisions involve many estimates and judgments, and thus require a combination of controls testing and substantive testing to ensure their accuracy. Substantive testing involves reviewing actual data and records to confirm the validity of the estimates used to calculate provisions.

Provisions Can Be Easily Audited by Controls Testing Alone