What Are Substantive Procedures

question 72

Multiple Choice

What are substantive procedures?

• A)Audit procedures designed to detect material misstatements at the assertion level
• B)Audit procedures designed to aid testing controls
• C)Audit procedures that are applied when internal controls are not functioning as designed
• D)Audit procedures applied to gather appropriate relevant and reliable data

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Definitions:

Great Recession

A significant global economic downturn that began in 2007 and lasted until 2009, marked by widespread financial crises, bank failures, and high unemployment rates.

Deficit

The amount by which a government's, company's, or individual's spending exceeds its income over a particular period of time.

2009

A year that marked the end of the late-2000s financial crisis and the beginning of economic recovery for many countries.

Productivity Growth

An increase in the efficiency of production, often measured as the rate at which an economy can produce goods and services relative to inputs over time.