Audit Procedures Designed to Evaluate Both General Controls and Application

question 8

Multiple Choice

Audit procedures designed to evaluate both general controls and application controls are referred to as:

• A)Substantive Tests
• B)Audit Planning
• C)IT Auditing
• D)Test of Controls

---

Definitions:

Bond Indenture

A legal contract specifying all the terms and conditions between a bond issuer and bondholder, including obligations, rights, and protections.

Bond Redemption

The process by which a bond issuer legally repays the principal amount of the bond to the bondholders at or before the bond's maturity date.

Market Prices

The immediate cost at which one can buy or sell an asset or service within the market environment.

Par Value

The nominal or face value of a stock or bond as stated by the issuer, which may differ from its market value.