AU-C 330 Performing Audit Procedures in Response to Assessed Risks

question 75

Multiple Choice

AU-C 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained and AS 2301 The Auditor's Responses to the Risks of Material Misstatement state that auditors _______.

• A)are required to perform substantive procedures for all relevant assertions that have been identified after issuance of the audit opinion
• B)are required to perform substantive procedures for all relevant assertions that have been identified during the risk assessment phase
• C)are required to perform tests of controls for all relevant assertions that have been identified during the risk assessment phase
• D)should notify the client immediately of a change in fee structure pertaining to the audit

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Definitions:

Hard Disk

A data storage device used for storing and retrieving digital information, using one or more rigid rapidly rotating disks coated with magnetic material.

Separate Sections

This term refers to the division of content or data into distinct areas to improve organization and readability.

Task Manager

A system monitor program used to provide information about the processes and programs currently running on a computer, as well as the general status of the system.

Virtualization

The creation of virtual (rather than physical) versions of computing resources, such as operating systems, servers, storage devices, and network resources.