AUD 3 Internal Control 2

Question 1

The Steps in an Audit

1. Prepare for the audit
2. Obtain Understanding of client,
   its Environment,
   including Internal Control
3. Assess Risks of Material Misstatement and
   Determine Nature, Timing, and Extent
   of Further Procedures
4. Perform Tests of Controls
5. Perform Substantive Procedures
6. Formulate an Opinion
7. Issue Audit Report

Answer 1

The Steps in an Audit

1. Prepare for the audit
2. Obtain Understanding of client,
   its Environment,
   including Internal Control
3. Assess Risks of Material Misstatement and
   Determine Nature, Timing, and Extent
   of Further Procedures
4. Perform Tests of Controls
5. Perform Substantive Procedures
6. Formulate an Opinion
7. Issue Audit Report

Question 2

Internal Control

Auditors of entities that do report to the S__, often referred to as issuers, are also required to obtain an understanding of internal control.

Like auditors of nonissuers, they are required to obtain and document the understanding in order to assess the risk of material misstatement of the financial statements and to plan and perform the audit.

Sarbanes-Oxley, however, requires auditors of issuers to perform an integrated audit of both internal control over financial reporting and of the financial statements.

As a result, in addition to obtaining sufficient evidence to support the auditor’s control risk assessment, the auditor is required to obtain sufficient evidence to support an opinion on internal control over financial reporting (ICFR) as of a specific point in time, the date of the financial statements.

Answer 2

Internal Control

Auditors of entities that do report to the SEC, often referred to as issuers, are also required to obtain an understanding of internal control.

Like auditors of nonissuers, they are required to obtain and document the understanding in order to assess the risk of material misstatement of the financial statements and to plan and perform the audit.

Sarbanes-Oxley, however, requires auditors of issuers to perform an integrated audit of both internal control over financial reporting and of the financial statements.

As a result, in addition to obtaining sufficient evidence to support the auditor’s control risk assessment, the auditor is required to obtain sufficient evidence to support an opinion on internal control over financial reporting (ICFR) as of a specific point in time, the date of the financial statements.

Question 3

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently re______ to limit the nature, timing, or extent of substantive testing

Answer 3

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

Question 4

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are n__ sufficiently reliable to limit the nature, timing, or extent of substantive testing

Answer 4

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

Question 5

Internal Control

Auditors of both issuers and nonissuers may conclude either

that i_______ controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

Answer 5

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

Question 6

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal c_______s are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

Answer 6

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

Question 7

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not su_______ly reliable to limit the nature, timing, or extent of substantive testing

Answer 7

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

Question 8

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to li___ the nature, timing, or extent of substantive testing

Answer 8

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

Question 9

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the n______, t______, or e_____ of substantive testing

Answer 9

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

Question 10

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of su_______e testing

Answer 10

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

Question 11

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive t___ing
or
that the cost of testing controls exceeds the potential benefit.

Answer 11

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

Question 12

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the c___ of testing controls exceeds the potential benefit.

Answer 12

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

Question 13

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of t___ing controls exceeds the potential benefit.

Answer 13

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

Question 14

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls ex____s the potential benefit.

Answer 14

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

Question 15

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential be_____.

Answer 15

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

Question 16

Internal Control

Auditors of both iss___s and non______s may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

Answer 16

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

Question 17

Internal Control

Auditors of both issuers and nonissuers may con_____ either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

Answer 17

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

Question 18

Internal Control

Auditors of both issuers and nonissuers may conclude either that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or that the cost of testing controls exceeds the potential benefit.

In either case, the auditor will n__ perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

Answer 18

Internal Control

Auditors of both issuers and nonissuers may conclude either that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or that the cost of testing controls exceeds the potential benefit.

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

Question 19

Internal Control

In either case, the a______ will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

Answer 19

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

Question 20

Internal Control

In either case, the auditor will not per____ tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

Answer 20

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

Question 21

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of re___ing RMM and will, instead, perform substantive tests based on CR set at maximum.

Answer 21

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

Question 22

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform sub______e tests based on CR set at maximum.

Answer 22

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

Question 23

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at max____.

Answer 23

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

Question 24

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive t___s based on CR set at maximum.

Answer 24

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

Question 25

Internal Control In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on C_ set at maximum.

Answer 25

Internal Control In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

Question 26

Internal Control In either case, the auditor will not perform tests of controls for the purpose of reducing R__ and will, instead, perform substantive tests based on control risk (CR) set at maximum.

Answer 26

Internal Control In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on conrol risk (CR) set at maximum.

Question 27

Internal Control In either case, the auditor will not perform tests of c______s for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

Answer 27

Internal Control In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

Question 28

Internal Control In either case, the auditor will not perform tests of controls for the pur____ of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

Answer 28

Internal Control In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

Question 29

Internal Control In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests b__ed on control risk (CR) set at maximum.

Answer 29

Internal Control In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

Question 30

Internal Control In either case, the auditor w___ not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

Answer 30

Internal Control In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

Question 31

Internal Control In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) s__ at maximum.

Answer 31

Internal Control In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

Question 32

Internal Control Auditors of b___ issuers and nonissuers may conclude either that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing or that the cost of testing controls exceeds the potential benefit. In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

Answer 32

Internal Control Auditors of both issuers and nonissuers may conclude either that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing or that the cost of testing controls exceeds the potential benefit. In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

Question 33

Internal Control A_______s of both issuers and nonissuers may conclude either that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing or that the cost of testing controls exceeds the potential benefit. In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

Answer 33

Internal Control Auditors of both issuers and nonissuers may conclude either that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing or that the cost of testing controls exceeds the potential benefit. In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

Question 34

Internal Control Setting control risk (__) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Answer 34

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Question 35

Internal Control Setting control risk (CR) at max____ means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Answer 35

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Question 36

Internal Control Setting control risk (CR) at maximum means that the a_______ believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Answer 36

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Question 37

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an e_____ or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Answer 37

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Question 38

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fr___ were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Answer 38

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Question 39

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a ___% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Answer 39

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Question 40

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% pro_____y that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Answer 40

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Question 41

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal c______ will neither prevent it nor detect it to allow correction on a timely basis.

Answer 41

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Question 42

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither pre____ it nor detect it to allow correction on a timely basis.

Answer 42

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Question 43

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor de____ it to allow correction on a timely basis.

Answer 43

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Question 44

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow corr_______ on a timely basis.

Answer 44

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Question 45

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a t___ly basis.

Answer 45

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Question 46

Internal Control S___ing control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Answer 46

Internal Control Setting control risk (CR) at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

Question 47

Internal Control Setting CR at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis. When the a_____ also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Answer 47

Internal Control Setting CR at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis. When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Question 48

Internal Control When the auditor also is performing an ex_________n of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls

Answer 48

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls

Question 49

Internal Control When the auditor also is performing an examination of internal c______ (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls

Answer 49

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls

Question 50

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the a______ is required to perform tests of the operating effectiveness of internal controls

Answer 50

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls

Question 51

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is re____ed to perform tests of the operating effectiveness of internal controls

Answer 51

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls

Question 52

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform t___s of the operating effectiveness of internal controls

Answer 52

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls

Question 53

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the op____ing effectiveness of internal controls

Answer 53

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls

Question 54

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal c_______s

Answer 54

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls

Question 55

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating e_________ss of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Answer 55

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Question 56

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when c______s are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Answer 56

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Question 57

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are n__ expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Answer 57

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Question 58

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not ex___ed to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Answer 58

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Question 59

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be ef______e or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Answer 59

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Question 60

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the c___ of testing controls is expected to exceed the cost reductions in substantive testing.

Answer 60

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Question 61

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to ex____ the cost reductions in substantive testing.

Answer 61

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Question 62

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in sub_______ testing.

Answer 62

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Question 63

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive t___ing.

Answer 63

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Question 64

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost red______ns in substantive testing.

Answer 64

Internal Control When the auditor also is performing an examination of internal control (always the case in the audit of an issuer) the auditor is required to perform tests of the operating effectiveness of internal controls --even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

Question 65

Internal Control • An entity’s internal c______ cannot be considered effective if one or more material weaknesses exist.

Answer 65

Internal Control • An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

Question 66

Internal Control • An e_____’s internal control cannot be considered effective if one or more material weaknesses exist.

Answer 66

Internal Control • An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

Question 67

Internal Control • An entity’s internal control cannot be considered ef______ if one or more material weaknesses exist.

Answer 67

Internal Control • An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

Question 68

Internal Control • An entity’s internal control cannot be considered effective if ___ or more material weaknesses exist.

Answer 68

Internal Control • An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

Question 69

Internal Control • An entity’s internal control cannot be considered effective if one or m___ material weaknesses exist.

Answer 69

Internal Control • An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

Question 70

Internal Control • An entity’s internal control cannot be considered effective if one or more m_______ weaknesses exist.

Answer 70

Internal Control • An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

Question 71

Internal Control • An entity’s internal control cannot be considered effective if one or more material w________es exist.

Answer 71

Internal Control • An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

Question 72

Internal Control • The a______ must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Answer 72

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 73

Internal Control • The auditor must p___ and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Answer 73

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 74

Internal Control • The auditor must plan and per____ the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Answer 74

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 75

Internal Control • The auditor must plan and perform the ex________n to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Answer 75

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 76

Internal Control • The auditor must plan and perform the examination to ob____ reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Answer 76

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 77

Internal Control • The auditor must plan and perform the examination to obtain re________e assurance as to whether or not material weaknesses exist as of the specified date.

Answer 77

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 78

Internal Control • The auditor must plan and perform the examination to obtain reasonable ass________ as to whether or not material weaknesses exist as of the specified date.

Answer 78

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 79

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not m_______ weaknesses exist as of the specified date.

Answer 79

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 80

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material w________es exist as of the specified date.

Answer 80

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 81

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses e___t as of the specified date.

Answer 81

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 82

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified d___.

Answer 82

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 83

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or n__ material weaknesses exist as of the specified date.

Answer 83

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 84

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the sp____ied date.

Answer 84

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 85

Internal Control • The auditor m___ plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Answer 85

Internal Control • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.

Question 86

Internal Control • Material w________es may exist when the financial statements are not materially misstated.

Answer 86

Internal Control • Material weaknesses may exist when the financial statements are not materially misstated.

Question 87

Internal Control • Material weaknesses m__ exist when the financial statements are not materially misstated.

Answer 87

Internal Control • Material weaknesses may exist when the financial statements are not materially misstated.

Question 88

Internal Control • M______ weaknesses may exist when the financial statements are not materially misstated.

Answer 88

Internal Control • Material weaknesses may exist when the financial statements are not materially misstated.

Question 89

Internal Control • Material weaknesses may e___t when the financial statements are not materially misstated.

Answer 89

Internal Control • Material weaknesses may exist when the financial statements are not materially misstated.

Question 90

Internal Control • Material weaknesses may exist when the financial statements are n__ materially misstated.

Answer 90

Internal Control • Material weaknesses may exist when the financial statements are not materially misstated.

Question 91

Internal Control • Material weaknesses may exist when the financial statements are not m______ly misstated.

Answer 91

Internal Control • Material weaknesses may exist when the financial statements are not materially misstated.

Question 92

Internal Control • Material weaknesses may exist when the financial statements are not materially mis____ed.

Answer 92

Internal Control • Material weaknesses may exist when the financial statements are not materially misstated.

Question 93

Internal Control • Material weaknesses may exist when the f_______ statements are not materially misstated.

Answer 93

Internal Control • Material weaknesses may exist when the financial statements are not materially misstated.

Question 94

Internal Control * An entity’s internal control can___ be considered effective if one or more material weaknesses exist. * The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date. * Material weaknesses may exist when the financial statements are not materially misstated.

Answer 94

Internal Control * An entity’s internal control cannot be considered effective if one or more material weaknesses exist. * The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date. * Material weaknesses may exist when the financial statements are not materially misstated.

Question 95

Internal Control * An entity’s internal control cannot be con_____ed effective if one or more material weaknesses exist. * The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date. * Material weaknesses may exist when the financial statements are not materially misstated.

Answer 95

Internal Control * An entity’s internal control cannot be considered effective if one or more material weaknesses exist. * The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date. * Material weaknesses may exist when the financial statements are not materially misstated.

Question 96

Internal Control * An entity’s internal control cannot be considered effective if one or more material weaknesses exist. * The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist a_ of the specified date. * Material weaknesses may exist when the financial statements are not materially misstated.

Answer 96

Internal Control * An entity’s internal control cannot be considered effective if one or more material weaknesses exist. * The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date. * Material weaknesses may exist when the financial statements are not materially misstated.

Question 97

Internal Control * An entity’s internal control cannot be considered effective if one or more material weaknesses exist. * The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date. * Material weaknesses may exist when the financial statements are n__ materially misstated.

Answer 97

Internal Control * An entity’s internal control cannot be considered effective if one or more material weaknesses exist. * The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date. * Material weaknesses may exist when the financial statements are not materially misstated.

Question 98

Internal Control Controls are evaluated at the e____y level,

Answer 98

Internal Control Controls are evaluated at the entity level,

Question 99

Internal Control Controls are ev______ed at the entity level,

Answer 99

Internal Control Controls are evaluated at the entity level,

Question 100

Internal Control Controls are evaluated at the entity level, seeking ass______ as to the general reliability of the financial reporting process

Answer 100

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process

Question 101

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general re______ty of the financial reporting process

Answer 101

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process

Question 102

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting pro___s

Answer 102

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process

Question 103

Internal Control Controls are evaluated at the entity level, seeking assurance as to the ge____l reliability of the financial reporting process

Answer 103

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process

Question 104

Internal Control Controls are evaluated at the entity level, s___ing assurance as to the general reliability of the financial reporting process

Answer 104

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process

Question 105

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the e____y to operate in an ethical environment,

Answer 105

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment,

Question 106

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an et_____l environment,

Answer 106

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment,

Question 107

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the des___ and intention of the entity to operate in an ethical environment,

Answer 107

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment,

Question 108

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and int_______ of the entity to operate in an ethical environment,

Answer 108

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment,

Question 109

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fr___ and significant errors,

Answer 109

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors,

Question 110

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant er___s,

Answer 110

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors,

Question 111

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and si________t errors,

Answer 111

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors,

Question 112

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to provide ass_______

Answer 112

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to provide assurance

Question 113

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and pro______es to provide assurance

Answer 113

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to provide assurance

Question 114

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to pro____ assurance

Answer 114

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to provide assurance

Question 115

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with sy_____s and procedures to provide assurance as to the three primary objectives of a system of internal control (ACE):

Answer 115

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to provide assurance as to the three primary objectives of a system of internal control (ACE):

Question 116

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to provide assurance as to the three pr____y objectives of a system of internal control (ACE):

Answer 116

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to provide assurance as to the three primary objectives of a system of internal control (ACE):

Question 117

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to provide assurance as to the three primary ob_______s of a system of internal control (ACE):

Answer 117

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to provide assurance as to the three primary objectives of a system of internal control (ACE):

Question 118

Internal Control C______s are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to provide assurance as to the three primary objectives of a system of internal control (ACE): Three primary objectives of a system of internal c______ (ACE): 1. Accurate and Reliable financial reporting 2. Compliance with applicable laws and regulations 3. Efficient and effective operations

Answer 118

Internal Control Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to provide assurance as to the three primary objectives of a system of internal control (ACE): Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting 2. Compliance with applicable laws and regulations 3. Efficient and effective operations

Question 119

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial re____ing

Answer 119

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting

Question 120

Internal Control Three primary objectives of a system of internal control (ACE): 1. Acc_____ and Reliable financial reporting

Answer 120

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting

Question 121

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Re______ financial reporting

Answer 121

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting

Question 122

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable f_______ reporting

Answer 122

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting

Question 123

Internal Control Three primary objectives of a system of internal control (ACE): 2. Com_______ with applicable laws and regulations

Answer 123

Internal Control Three primary objectives of a system of internal control (ACE): 2. Compliance with applicable laws and regulations

Question 124

Internal Control Three primary objectives of a system of internal control (ACE): 2. Compliance with applicable l__s and regulations

Answer 124

Internal Control Three primary objectives of a system of internal control (ACE): 2. Compliance with applicable laws and regulations

Question 125

Internal Control Three primary objectives of a system of internal control (ACE): 2. Compliance with applicable laws and reg_______s

Answer 125

Internal Control Three primary objectives of a system of internal control (ACE): 2. Compliance with applicable laws and regulations

Question 126

Internal Control Three primary objectives of a system of internal control (ACE): 2. Compliance with app______ laws and regulations

Answer 126

Internal Control Three primary objectives of a system of internal control (ACE): 2. Compliance with applicable laws and regulations

Question 127

Internal Control Three primary objectives of a system of internal control (ACE): 3. Eff_____t and effective operations

Answer 127

Internal Control Three primary objectives of a system of internal control (ACE): 3. Efficient and effective operations

Question 128

Internal Control Three primary objectives of a system of internal control (ACE): 3. Efficient and eff_____ operations

Answer 128

Internal Control Three primary objectives of a system of internal control (ACE): 3. Efficient and effective operations

Question 129

Internal Control Three primary objectives of a system of internal control (ACE): 3. Efficient and effective op_______ns

Answer 129

Internal Control Three primary objectives of a system of internal control (ACE): 3. Efficient and effective operations

Question 130

Internal Control Three primary objectives of a system of i_______ control (ACE): 1. Accurate and Reliable financial reporting 2. Compliance with applicable laws and regulations 3. Efficient and effective operations

Answer 130

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting 2. Compliance with applicable laws and regulations 3. Efficient and effective operations

Question 131

Internal Control _____ primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting 2. Compliance with applicable laws and regulations 3. Efficient and effective operations

Answer 131

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting 2. Compliance with applicable laws and regulations 3. Efficient and effective operations

Question 132

Internal Control Three primary objectives of a system of internal control (___): 1. A = Accurate and Reliable financial reporting 2. C = Compliance with applicable laws and regulations 3. E = Efficient and effective operations

Answer 132

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting 2. Compliance with applicable laws and regulations 3. Efficient and effective operations

Question 133

What are the 3 primary objectives of a system of internal control? 1. A = 2. C = 3. E =

Answer 133

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting 2. Compliance with applicable laws and regulations 3. Efficient and effective operations

Question 134

What are the 3 primary objectives of a system of internal control? 1. A = 2. C = Compliance with applicable laws and regulations 3. E = Efficient and effective operations

Answer 134

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting 2. Compliance with applicable laws and regulations 3. Efficient and effective operations

Question 135

What are the 3 primary objectives of a system of internal control? 1. A = Accurate and Reliable financial reporting 2. C = 3. E = Efficient and effective operations

Answer 135

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting 2. Compliance with applicable laws and regulations 3. Efficient and effective operations

Question 136

What are the 3 primary objectives of a system of internal control? 1. A = Accurate and Reliable financial reporting 2. C = Compliance with applicable laws and regulations 3. E =

Answer 136

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting 2. Compliance with applicable laws and regulations 3. Efficient and effective operations

Question 137

Internal Control Three primary objectives of a sy_____ of internal control (ACE): 1. Accurate and Reliable financial reporting 2. Compliance with applicable laws and regulations 3. Efficient and effective operations

Answer 137

Internal Control Three primary objectives of a system of internal control (ACE): 1. Accurate and Reliable financial reporting 2. Compliance with applicable laws and regulations 3. Efficient and effective operations

Question 138

Internal Control Controls are also evaluated at the assertion l____.

Answer 138

Internal Control Controls are also evaluated at the assertion level.

Question 139

Internal Control Controls are also evaluated at the as______n level.

Answer 139

Internal Control Controls are also evaluated at the assertion level.

Question 140

Internal Control Controls are also ev_______ed at the assertion level.

Answer 140

Internal Control Controls are also evaluated at the assertion level.

Question 141

Internal Control C______s are also evaluated at the assertion level.

Answer 141

Internal Control Controls are also evaluated at the assertion level.

Question 142

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various ass______s embedded in which management is indicating that the financial information contains certain characteristics.

Answer 142

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

Question 143

Internal Control Controls are also evaluated at the assertion level. When m_________t is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

Answer 143

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

Question 144

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are va____s assertions embedded in which management is indicating that the financial information contains certain characteristics.

Answer 144

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

Question 145

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions em____ed in which management is indicating that the financial information contains certain characteristics.

Answer 145

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

Question 146

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information co_____s certain characteristics.

Answer 146

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

Question 147

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain ch__________s.

Answer 147

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

Question 148

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains cer____ characteristics.

Answer 148

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

Question 149

Internal Control Controls are also evaluated at the assertion level. When management is pre____ing financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

Answer 149

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

Question 150

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics. When a misrepresentation may result in a m______l misstatement to the financial statements, the assertion affected is considered a relevant assertion.

Answer 150

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics. When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

Question 151

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics. When a misrep_________n may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

Answer 151

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics. When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

Question 152

Internal Control When a misrepresentation may re___t in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

Answer 152

Internal Control When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

Question 153

Internal Control When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a rel_____t assertion.

Answer 153

Internal Control When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

Question 154

Internal Control When a misrepresentation may result in a material misstatement to the financial statements, the assertion aff___ed is considered a relevant assertion.

Answer 154

Internal Control When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

Question 155

Internal Control When a misrepresentation m__ result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

Answer 155

Internal Control When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

Question 156

Internal Control When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is con_____ed a relevant assertion.

Answer 156

Internal Control When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

Question 157

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics. When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant ass_____n.

Answer 157

Internal Control Controls are also evaluated at the assertion level. When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics. When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

Question 158

Internal Control When performing an a____, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Answer 158

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Question 159

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Dem______ing through the use of tests of controls that internal controls are sufficient to prevent a material misstatement

Answer 159

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement

Question 160

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of t___s of controls that internal controls are sufficient to prevent a material misstatement

Answer 160

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement

Question 161

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are su______t to prevent a material misstatement

Answer 161

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement

Question 162

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to pr____t a material misstatement

Answer 162

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement

Question 163

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a m______ misstatement

Answer 163

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement

Question 164

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material miss__________ in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Answer 164

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Question 165

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that ass____n or to detect and correct such a misstatement on a timely basis;

Answer 165

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Question 166

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to de___t and correct such a misstatement on a timely basis;

Answer 166

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Question 167

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and cor___t such a misstatement on a timely basis;

Answer 167

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Question 168

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a miss______t on a timely basis;

Answer 168

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Question 169

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a t___ly basis;

Answer 169

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Question 170

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely ba___;

Answer 170

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Question 171

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be acc________ed by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Answer 171

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Question 172

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the u__ of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Answer 172

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Question 173

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal c_______s are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Answer 173

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

Question 174

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Ob____ing evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Answer 174

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 175

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining ev_______ through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Answer 175

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 176

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive t___s to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Answer 176

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 177

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of sub________ tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Answer 177

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 178

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the per_________e of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Answer 178

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 179

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is f___ of material misstatement, regardless of the existence of internal controls;

Answer 179

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 180

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of m_______ misstatement, regardless of the existence of internal controls;

Answer 180

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 181

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to dem________ that the information presented is free of material misstatement, regardless of the existence of internal controls;

Answer 181

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 182

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the inf_______n presented is free of material misstatement, regardless of the existence of internal controls;

Answer 182

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 183

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information pre____ed is free of material misstatement, regardless of the existence of internal controls;

Answer 183

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 184

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal c_______s;

Answer 184

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 185

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of i________ controls;

Answer 185

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 186

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the ex_______ of internal controls;

Answer 186

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 187

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be acco_______ed by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Answer 187

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 188

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the exi______e of internal controls;

Answer 188

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 189

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Dem_______ing through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Answer 189

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 190

Internal Control When per____ing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Answer 190

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 191

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the per_______e of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Answer 191

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

Question 192

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls; * S___ combination of those approaches, which is most frequently the case.

Answer 192

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls; * Some combination of those approaches, which is most frequently the case.

Question 193

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls; * Some combination of those approaches, which is most fre_______ly the case.

Answer 193

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls; * Some combination of those approaches, which is most frequently the case.

Question 194

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls; * Some comb______ of those approaches, which is most frequently the case.

Answer 194

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls; * Some combination of those approaches, which is most frequently the case.

Question 195

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls; * Some combination of those app___ches, which is most frequently the case.

Answer 195

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls; * Some combination of those approaches, which is most frequently the case.

Question 196

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be acco_____ed by: • Some combination of those approaches, which is most frequently the case.

Answer 196

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: • Some combination of those approaches, which is most frequently the case.

Question 197

Internal Control When performing an audit, the a______ is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls; * Some combination of those approaches, which is most frequently the case.

Answer 197

Internal Control When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion this can be accomplished by: * Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis; * Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls; * Some combination of those approaches, which is most frequently the case.