Working Paper Documentation for Test of Controls Should Include _______

question 80

Multiple Choice

Working paper documentation for test of controls should include _______.

• A)all client-owned documents which will be returned to the client once audit fees are paid
• B)comments on this year's audit by the prior auditor
• C)the auditors' opinion of absolute assurance about control risk, and the basis for their conclusion (e.g., underlying evidence)
• D)the auditors' conclusion about control risk, and the basis for their conclusion (e.g., underlying evidence)

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Definitions:

Market Average

A statistical measure that represents the overall movement of a specific set of stocks, indicating the general health of the stock market.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a person's mind when evaluating a specific topic, concept, method or decision.

Welfare Fraud

The act of illegally using or obtaining government assistance benefits by knowingly providing false information or withholding information.

Welfare Abuse

The misuse or fraudulent use of government assistance programs designed to help those in need.