Auditors have found that generally the most efficient and effective way to conduct audits is to
A) obtain complete assurance about the correctness of each class of transactions affecting the account.
B) obtain some combination of assurance for each class of transactions and for the ending balance in the related accounts.
C) obtain assurance about the ending balance of the account only.
D) verify each entry that was made into an account.

Question

Quizplus · Accepted Answer

Auditors typically obtain some combination of assurance for each class of transactions and for the ending balance in the related accounts. This approach allows auditors to gather sufficient evidence to support their audit opinion while also being efficient with their time and resources. Focusing solely on obtaining complete assurance for each transaction or verifying each individual entry would be time-consuming and impractical.

Auditors Have Found That Generally the Most Efficient and Effective