After Auditors Have Completed Testing Controls and Drawn a Conclusion

question 59

Multiple Choice

After auditors have completed testing controls and drawn a conclusion about control risk, _______.

• A)they make decisions about the nature and timing of substantive testing
• B)they are ready to issue the audit opinion
• C)they make decisions about the nature, timing, and extent of substantive testing
• D)they should withdraw if control risk is assessed as high

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Definitions:

AFL

The American Federation of Labor, a national federation of labor unions in the United States founded in 1886, representing workers in various industries.

Emergency Banking Relief Bill

A 1933 act passed in the United States during the Great Depression to restore investor confidence and stabilize the banking system by putting federally guaranteed banks under the control of the Treasury.

Unanimous House Vote

A vote in which all present members of a legislative house, such as the House of Representatives, agree on a particular decision or piece of legislation.

Policy of Appeasement

A diplomatic strategy aimed at avoiding conflict by making concessions to an aggressive country or leader.