At the Beginning of Fieldwork in an Audit of Investments

question 226

Multiple Choice

At the beginning of fieldwork in an audit of investments, an internal auditor noted that the interest rate had declined significantly since the engagement work program was created. The auditor should:

• A) Proceed with the existing program since this was the original scope of work that was approved.
• B) Modify the audit program and proceed with the engagement.
• C) Consult with management to verify the interest rate change and proceed with the engagement.
• D) Determine the effect of the interest rate change and whether the program should be modified.

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Definitions:

Ejection

The process of driving or pushing something out.

Diastole

The phase of the heart cycle during which the heart muscles relax and the chambers fill with blood.

AV Valves

Atrioventricular valves; heart valves located between the atria and ventricles that prevent backflow of blood.

Isovolumetric Contraction

A phase in the cardiac cycle where the ventricles contract with no change in volume because all heart valves are closed.