Question: The audit team's decision that it would take more time to test the operating effectiveness of the control activities than it would take to perform

The audit team's decision that it would take more time to test the operating effectiveness of the control activities than it would take to perform the substantive tests necessary for a relevant assertion Blank______. Multiple choice question. suggests that the internal controls are ineffective means the cost of obtaining a high control risk is low is equivalent to assessing control risk at 100%

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Land City leases a fleet of garbage trucks. The term of the lease is 10 years, approximately the useful life of the equipment. Based on a sales price of $800,000 and an interest rate of 6%, the city...

Multiple Choice Question The audit team's decision that it would take more time to test the operating effectiveness of the control activities than it would take to perform the substantive tests...

1 of 50 Which of the following statements is false? Lapping of accounts receivable is least likely to occur when there is an inadequate segregation of duties. Alternative procedures to the...

Help me with the answers ,I need 95% at least I 'll give you good tip whoever help me to get 95 %trust me Question 1 of 50 Which of the following statements is false? Lapping of accounts receivable...

Help me with all the answers Question 1 of 50 Which of the following statements is false? Lapping of accounts receivable is least likely to occur when there is an inadequate segregation of duties....

attach relative notes And please answer the questions part by part (separate) Case: Far East Plastics Ltd. You are the audit manager in charge of the audit of Far East Plastics ("FEP") Ltd., for the...

Suzie Pickering has experience in the clothing and retail industry, which is why she was assigned to the Cloud 9 audit. Suzie is mentoring Ian Harper, a first-year staff on the audit team, and they...

CASE 13-9 ZOU's Fencing Controls Student Guide Objectives of the Case This case gives students an opportunity to (1) obtain an understanding of factors to consider when evaluating the design of a...

please answer all premises POINTS) Concept Description Test of Controls A Designed to obtain an understanding of the client and its Audit Data environment, including its internal control, to assess...

2. For each of the three revenue risks identified by the engagement team, address the following: a. Was the engagement team?s assessment of the evaluation of the design of each control appropriate...

MULTIPLE-CHOICE QUESTIONS 1. Which of the following statements is false regarding preliminary analytical procedures in the revenue cycle? a. Since revenue is typically regarded as a high-risk...

How many isomers of C10H14 are possible? How many isomers of C3H3Cl are possible?

Refer to Figure 10.42. A strip load of q = 43 kN/m2 is applied over a width, B = 11 m. Determine the increase in vertical stress at point A located z = 4.6 m below the surface. Given: x = 8.2 m. q...

Which equipment is typically used for exploratory auger boring? Auger drill Bulldozer Jackhammer Excavator

Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,950 gallons @ $9.10 per gallon = $17,745 Purchases: Sales: Mar. 10 790 gals @ $ 9.15 Mar. 5 590 gals Mar. 16...