A Factor That Auditors Consider When Determining the Type of Substantive

question 21

Multiple Choice

A factor that auditors consider when determining the type of substantive procedure to use is _______.

• A)the assessed level of risk for the assertion
• B)the assessed level of risk for the control
• C)the cost of the procedure, and if management will be able to afford it
• D)the recommendations of management

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Definitions:

US$ Per C$

A currency exchange rate that shows how much US dollars is worth in Canadian dollars.

Importer

An individual or company that buys goods or services from abroad for sale in their home country.

Service Charge

A fee collected by a bank, institution, or service provider for the provision of a service, often associated with transactions or account maintenance.

€

The symbol for the Euro, a currency used by many countries in the European Union.