Diane Smith, CPA, performed tests of controls and substantive tests of transactions for sales for the month

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Diane Smith, CPA, performed tests of controls and substantive tests of transactions for sales for the month of March in an audit of the financial statements for the year ended December 31, 2023. Based on the excellent results of both the tests of controls and the substantive tests of transactions, she decided to significantly reduce her substantive tests of details of balances at year end. Evaluate this decision.

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Related Book For  answer-question

Auditing And Assurance Services An Integrated Approach

ISBN: 9780137879199

18th Edition

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan

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