In General, What Does Detailed Testing of Account Balances Provide

question 68

Multiple Choice

In general, what does detailed testing of account balances provide?

• A)The evidence needed by auditors to determine if the financial statements are fairly presented
• B)Information about revising preliminary conclusions drawn during the risk assessment phase
• C)The exact amount of time spent gathering audit evidence
• D)A listing of the audit tests performed during all phases

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Definitions:

Good Delegation

The effective process of assigning responsibility and authority to others while maintaining accountability for outcomes.

Pass Along

The act of distributing information or an item from one individual to another, often used in the context of marketing or sharing knowledge.

Authority

The authority or capability to issue commands, make choices, and ensure compliance.

Responsibility

The state or fact of having a duty to deal with something or of having control over someone, often associated with accountability and ethical obligations.