Tests of controls are most likely to be omitted when: (1) An account balance reflects many transactions.

Question:

Tests of controls are most likely to be omitted when:
(1) An account balance reflects many transactions.
(2) Control risk is assessed at less than the maximum.
(3) The understanding of the control structure indicates that evaluating the effectiveness of control policies and procedures is likely to be inefficient.
(4) The auditor wishes to increase the acceptable level of detection risk.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Auditing The Art and Science of Assurance Engagements

ISBN: 978-0134613116

14th Canadian edition

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones

Question Posted: