each question by indicating whether the statement is true or false. B. Control Procedures are audit procedures designed to detect whether controls are working. B. 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. - Tracing tests the existence/occurrence assertion and Vouching tests the completeness assertion. - The general type of fraud that involves some form of theft of cash or other assets is called Fraudulent financial reporting. - The general type of fraud that involves overstating revenues in the financial statements Misappropriation of assets