Which one of the following statements is NOT correct?
A) Internal controls vary from company to company; therefore, the auditor must identify the controls and deficiencies for each organisation.
B) The auditor must perform tests of controls on all of the client's internal controls.
C) The tests of controls and substantive tests of transactions are combined where appropriate.
D) The substantive tests of transactions will vary depending on the assessed control risk.
Correct Answer:
Verified
Q30: Which one of the following is NOT
Q31: The main difference between the payroll and
Q32: Controls which provide a means of ensuring
Q33: 'Recorded payroll transactions are for the amount
Q34: Which one of the following is a
Q36: The test of transactions, which requires 'compare
Q37: The overall objective of the audit of
Q38: The major balance sheet account in the
Q39: 'Recorded payroll payments are for work actually
Q40: By tracing receiving reports issued at and
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