Auditors have found that the most efficient way to conduct audits is to focus primarily on testing classes of transactions and performing tests of ending account balances.

Question

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Focusing on testing classes of transactions and performing tests of ending account balances allows auditors to gather sufficient evidence to assess the fairness of financial statements, while minimizing the amount of time and resources spent on the audit. This approach is commonly used in audit engagements.

Auditors Have Found That the Most Efficient Way to Conduct