The Focus in an Audit Should Be Primarily on Business

question 26

True/False

The focus in an audit should be primarily on business risk rather than on internal control.

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Definitions:

Expenses

Costs or charges incurred in the process of conducting activities or achieving objectives, such as living costs or business expenditures.

Student Loan Disbursement

The process by which loan funds are made available to a student by the lending institution, often sent directly to the educational institution to cover tuition and fees.

Income

The money received, especially on a regular basis, for work or through investments.

Tuition

The fee charged for instruction, especially at a formal institution of learning.