Question: Question 7 An important aspect of developing a preliminary audit strategy involves _______. A. understanding the entity and its environment B. understanding the industry that

Question 7

An important aspect of developing a preliminary audit strategy involves _______.

A. understanding the entity and its environment

B. understanding the industry that the auditor operates in

C. determining what audit opinion management would like the auditor to issue

D. confirming certain account balances with the internal audit function

Question 8

The most important control over the existence, completeness, and valuation of cash balances _______.

A. is immediate collection of cash by companies

B. is to defer cash collection for as long as possible

C. is an independent bank reconciliation

D. is written representation by senior management with respect to the accuracy of the cash balance

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