Which of the Following Is an Advantage of Control Self-Assessment

question 421

Multiple Choice

Which of the following is an advantage of control self-assessment (CSA) over conventional auditing techniques?

• A) CSA evaluates control activities and human resource practices.
• B) CSA provides assurance about whether business objectives will be met.
• C) CSA facilitates obtaining input from subject-matter experts efficiently.
• D) CSA provides assurance that action will be taken to improve deficiencies.

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Definitions:

Financial Statements

Consolidated documents showing the financial health of an entity, including balance sheets, income statements, and cash flow statements.

Common Shares

Equity securities that represent ownership in a corporation, with voting rights and the potential for dividends.

FIFO

Stands for "First In, First Out," an accounting method for valuing inventory and determining cost of goods sold, where the oldest inventory is sold first.

LIFO

Last In, First Out, an inventory valuation method where the most recently produced or acquired items are recorded as sold first.