Question 3 Match to the correct Type with the Description: (Each letter can be used multiple times, once, or not at all) (Worth 8 points): Control Procedures are audit procedures designed to detect whether controls are working. 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. Every audit (public or non-public) must have a significant or fraud risk identified. A. False. Auditors should maintain professional skepticism when evaluating the results of audit procedures on True. B. 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: (a.) 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