Control Tests Should Be Applied to Samples of Transactions and Control

question 36

Multiple Choice

Control tests should be applied to samples of transactions and control procedures:

• A)Which occurred during the interim audit so that they provide direct auditor's knowledge.
• B)Selected by management as being representative of all transactions processed.
• C)Throughout the period being audited.
• D)Which occur primarily close to reporting period ends such as year end or quarter end.

Know the existing laws and regulations applicable to virtual currency.

Comprehend the trend towards digital invoicing requirements globally.

Identify and describe the foundational characteristics of virtual currency.

Differentiate between virtual and real currencies in terms of government backing and storage mechanisms.