An auditor traces the sales prices to the authorized price list in effect at the date of the transaction. Which of the following procedures has the auditor performed?
A) inquiry
B) observation
C) reperformance
D) examination

Question

Quizplus · Accepted Answer

Reperformance involves the auditor independently executing procedures or controls that were originally performed as part of the entity's internal control. By tracing the sales prices back to the authorized price list, the auditor is reperforming the process of verifying that the sales transactions were executed at the correct prices.

An Auditor Traces the Sales Prices to the Authorized Price