Question: 19.True/False:Control Procedures are audit procedures designed to detect whether controls are working. True/False: An audit strategy can take a substantive approach (Perform only substantive procedures),

19.True/False:Control Procedures are audit procedures designed to detect whether controls are working.

True/False: An audit strategy can take a substantive approach (Perform only substantive procedures), or a control approach (Perform a lot of control testing and limited substantive procedures), or a combination of both.

True/False: Every fraud risk is a significant risk by definition but not the other way around.

True/False:Every audit (public or non-public) must have a significant or fraud risk identified.

True/False:Auditors should maintain professional skepticism when evaluating the results of audit procedures on all audits regardless of a Fraud Risk being identified or not identified.

True/False: Tracing tests the existence/occurrence assertion and Vouching tests the completeness assertion.

True/False: Per the PCAOB testing an estimate can generally be performed in three ways: (a.) Testing managements process; (b.) Develop an Independent Estimate; and (c.)Reviewing historical events.

True/False: When auditing an estimate, the auditor is concerned with management bias to show more assets or less liabilities.

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