When Auditors Are Performing Substantive Procedures and Identify Misstatements They

question 32

Multiple Choice

When auditors are performing substantive procedures and identify misstatements they did not expect, they _______.

• A)reconsider their audit strategy and audit plan, and determine if the nature, timing, or extent of internal control testing needs to be modified
• B)reconsider their audit strategy and audit plan, and determine if the nature, timing, or extent of substantive procedures need to be modified
• C)should seek to obtain written representations from management as to the accuracy of the balances in question
• D)should consider withdrawing from the engagement

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Definitions:

Utility

In economics, the satisfaction or benefit derived by consumers from consuming a good or service.

Shopping Experience

The totality of a customer's interactions and perceptions about purchasing goods or services at a retail or online store.

Utilitarian

Pertaining to or advocating the philosophy that actions are right if they are useful or for the benefit of a majority.