The ultimate purpose of a test of controls is to obtain reasonable assurance that an assertion is presented fairly in all material respects.

Name: The ultimate purpose of a test of controls is to obtain reasonable assurance that an assertion is presented fairly in all material respects.
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Question

Quizplus · Accepted Answer

The ultimate purpose of a test of controls is to evaluate the effectiveness of an entity's internal control over financial reporting, not directly to assure the fairness of financial statement assertions.

The Ultimate Purpose of a Test of Controls Is to Obtain