After obtaining an understanding of internal controls and assessing control risk of an entity, an auditor decided not to perform tests of controls for purposes of the audit. The auditor most likely decided that:
A. the assessed level of inherent risk exceeded the assessed level of control risk.
B. a reduction in the assessed level of control risk is justified for certain financial statement assertions.
C. it would be inefficient to perform tests of controls that would result in a reduction in planned substantive procedures.
D. the available evidential matter obtained through tests of controls would not support an increased level of control risk.
Answer: C
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Since Jameson flies to many of his sales calls, it is far more efficient, from a time and expense standpoint, to schedule multiple calls in the same airplane trip. Once Jameson develops a routing plan for a specific trip, he should then:
A) complete a travel expense report to ensure reimbursement B) develop the same presentation for all customers in the area C) notify customers of his anticipated arrival time D) focus on visiting small accounts in the area E) plan as many cold calls as possible
Explain points of parity in a business market with an example
What will be an ideal response?
Which is correct?
a. Many students has received an offer for that type of loan this week. b. Many students have received an offer for that type of loan this week.
Which of the following products is most likely to have an inverted C-shaped demand curve?
A. Visit to the dentist B. Eternity perfume C. Starbucks coffee D. Pillsbury cake mix E. Ford Escape