Chapter 4: Process of assurance- Evidence and reporting Flashcards
1
Q
Evidence must be:
A
1) Sufficient
2) Appropriate
2
Q
What is test of controls?
A
Test the system
3
Q
What is substantive controls?
A
Test the numbers
4
Q
What are express opinion vs Implied opinion?
A
Express- Always stated (Positive)
Implied- Only required if MM problem arrises. Could do if want to though.
5
Q
Unmodified Vs Modified opinion?
A
Modified- Concluded there is MM
Unmodified- Everything is okay
