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Auditors often use a client's historical experience and subsequent transactions to evaluate the reasonableness of estimates. True False

Auditors often use a client's historical experience and subsequent transactions to evaluate the reasonableness of estimates. True False

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor
Section: Chapter Questions
Problem 39CYBK
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Auditors often use a client's historical experience and subsequent transactions to evaluate the reasonableness of estimates. True False
Transcribed Image Text:Auditors often use a client's historical experience and subsequent transactions to evaluate the reasonableness of estimates. True False
Significant deficiencies and material weaknesses in internal control over financial reporting are reported for audits conducted under Generally Accepted Government Auditing Standards (GAGAS). However, only material weaknesses are addressed in audit reports under PCAOB Auditing Standards. True False
Transcribed Image Text:Significant deficiencies and material weaknesses in internal control over financial reporting are reported for audits conducted under Generally Accepted Government Auditing Standards (GAGAS). However, only material weaknesses are addressed in audit reports under PCAOB Auditing Standards. True False
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