A Large Part of the Work Performed by an Auditor

question 4

Multiple Choice

A large part of the work performed by an auditor in the audit planning process is the gathering of evidence about the company's internal controls.This can be completed in any of the following ways, except:

• A)Interviewing key members of the accounting and IT staff
• B)Observing policies and procedures
• C)Review IT user manuals and systems
• D)Preparing memos to summarize their findings

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Definitions:

Business Practices

Business practices encompass the methods, strategies, and procedures adopted by a company to conduct its business and pursue its goals.

Financial Accounting

The field of accounting focused on the preparation of financial statements for external stakeholders, adhering to standardized guidelines to accurately reflect a company's financial condition.

Managerial Accounting

The field of accounting focused on providing financial information within a company to assist in decision-making and budget management.

Timeliness

The quality of providing information or taking action within an appropriate or expected time frame, often critical for decision-making processes.