An audit strategy can take _______.
A)a reliance on procedures approach, a substantive approach, or a combination of both
B)a reliance on controls approach, a substantive approach, or a combination of both
C)neither a reliance on controls approach, nor a substantive approach
D)an approach whereby only internal control is audited

Question

Quizplus · Accepted Answer

An audit strategy can indeed take a reliance on controls approach, a substantive approach, or a combination of both. This allows auditors to either focus on the effectiveness of internal controls to reduce substantive testing or to primarily conduct substantive testing, or to blend both approaches based on the audit's objectives and the assessed risks.

An Audit Strategy Can Take _______