Question: The PCAOB Standard No. 5 specifically requires auditors to understand transaction flows in designing their tests of controls. What steps does this entail?

The PCAOB Standard No. 5 specifically requires auditors to understand transaction flows in designing their tests of controls. What steps does this entail?

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7. The PCAOB Standard No. 5 specifically requires auditors to understand transaction flows in designing their tests of controls. What steps does this entail?

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