If the Auditor Identifies Control Deficiencies,the Auditor Will Not Need

question 111

True/False

If the auditor identifies control deficiencies,the auditor will not need to judge the severity of the deficiencies but instead would consult management about the need for a fraud audit.

---

Definitions:

Federal Outlays

Expenditures or spending by the federal government, including on programs, services, and interest on debt.

Federal Government Budget

An annual financial statement presenting the government's proposed revenues and spending for a financial year.

Servicing Debt

The process of paying interest and principal on borrowed funds, typically on a regular basis.

Trade Deficit

A situation where a country's imports of goods and services exceed its exports, leading to a negative balance of trade.