A financial statement audit is generally organized based on the five basic business processes or cycles.

Name: A financial statement audit is generally organized based on the five basic business processes or cycles.
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This statement is true. Financial statement audits are typically organized based on the five basic business processes or cycles, which include revenue and cash receipts, purchases and cash disbursements, payroll and personnel, financing, and investment.

A Financial Statement Audit Is Generally Organized Based on the Five