Which One of the Following Audit Objectives and Steps Should

question 90

Multiple Choice

Which one of the following audit objectives and steps should not be considered when performing an audit of deposit account?

• A) Determine whether dormant accounts are closed in a timely manner and in accordance with policies
• B) Determine whether there are adequate controls to prevent unauthorized access and change to customer accounts
• C) Determine whether applicable fees and penalties are properly assessed and posted
• D) None of these

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Definitions:

Convenience Products

Items that consumers purchase frequently, immediately, and with minimal comparison and buying effort, such as food, newspapers, and household items.

Shopping Effort

The amount of time and energy consumers invest in the process of selecting and purchasing products or services.

Ancillary Products

Additional products or services offered to consumers in conjunction with a primary product or service.

Generic Equivalents

These are products, especially drugs, that are marketed without a brand name and are considered chemically identical to their branded counterparts, usually offered at a lower price.