One of the Steps in the Five Step AICPA Process

question 83

Multiple Choice

One of the steps in the five step AICPA process to follow when planning, performing, and evaluating results from audit data analytics (ADA) is _______.

• A)consider the relevance and reliability of the data used
• B)prepare a suitable population and representative sample
• C)pass the results to management for analysis and evaluation
• D)consideration of internal control

---

Definitions:

Depreciation

The systematic allocation of the depreciable amount of an asset over its useful life, reflecting wear and tear, obsolescence, or loss of usefulness.

Plant And Equipment

Plant and Equipment refer to the long-term assets used in the operation of a business, excluding buildings or real estate, that contribute to the production process.

Notes Payable

A financial obligation represented by a written promissory note, which specifies the amounts borrowed, interest rate, and maturity date.

Supplies Consumed

The cost of supplies used during a specific period, often impacting the income statement through expense recognition.