Which of the following approaches is most suitable for auditing the finance and investment cycle?a. Perform extensive tests of controls and limit substantive procedures to analytical procedures.b. Ignore internal controls and perform extensive substantive procedures.c. Gain an understanding of internal controls and perform extensive substantive procedures.d. Ignore internal controls and limit substantive procedures to analytical procedures.
Which of the following approaches is most suitable for auditing the finance and investment cycle?a. Perform extensive tests of controls and limit substantive procedures to analytical procedures.b. Ignore internal controls and perform extensive substantive procedures.c. Gain an understanding of internal controls and perform extensive substantive procedures.d. Ignore internal controls and limit substantive procedures to analytical procedures.
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
Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process
Section: Chapter Questions
Problem 43CYBK
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Which of the following approaches is most suitable for auditing the finance and investment cycle?
a. Perform extensive tests of controls and limit substantive procedures to analytical procedures.
b. Ignore internal controls and perform extensive substantive procedures.
c. Gain an understanding of internal controls and perform extensive substantive procedures.
d. Ignore internal controls and limit substantive procedures to analytical procedures.
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