The Nature of an Audit Procedure Refers to _______

question 5

Multiple Choice

The nature of an audit procedure refers to _______.

• A)its purpose (test of controls or substantive procedure) and its type
• B)its extent (test of controls or substantive procedure) and its type
• C)its timing (test of controls or substantive procedure) and its type
• D)its timing (test of controls only) and its type

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Definitions:

Bilateral Contract

An agreement between two parties where each party makes a promise to the other, with obligations and benefits on both sides.

Express Contract

A contract in which the terms of the agreement are explicitly stated by the parties, either verbally or in writing.

ESIGN

The Electronic Signatures in Global and National Commerce Act, a federal law that facilitates the use of electronic records and signatures in interstate and foreign commerce.

E-contracts

Legal agreements formed and signed digitally, using electronic means like email or web-based contract management platforms.