Performance of Detailed Tests of Controls and Substantive Testing Is

question 26

Multiple Choice

Performance of detailed tests of controls and substantive testing is typically accomplished in the ____________ phase of the audit.

• A)risk response
• B)audit strategy
• C)reporting
• D)risk assessment

---

Definitions:

Economical

Pertaining to the efficient use or management of resources to achieve a goal without wasteful expenditures.

Inventory Held

Refers to the stock of goods or materials that a company keeps on hand to meet demand.

Daily Sales Rate

The average amount of sales generated per day over a specific period of time.

Composite Score

A metric that combines multiple individual scores or indicators into a single overall measure.