Match to the correct Type with the Description: (Each letter can be used multiple times, once, or not at all) (Worth 8 points): A. True Control Procedures are audit procedures designed to detect whether controls are working. B. False A. 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 Every fraud risk is a significant risk by definition but not the other way around. A. V Every audit (public or non-public) must have a significant or fraud risk identified 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 Tracing tests the existence occurrence assertion and Vouching tests the completeness assertion Per the PCAOB testing an estimate can generally be performed in three ways: (2.) Testing managements process; (b.) Develop an Independent Estimate, and (c.) Reviewing historical events. When auditing an estimate the auditor is concerned with management bias to show more assets or less liabilities