Prior to Looking at the Specific Cycles,the Auditor Will First

question 20

Multiple Choice

Prior to looking at the specific cycles,the auditor will first

• A)enquire about and document corporate governance systems.
• B)perform tests of controls on significant cycles.
• C)perform analytical review of specific accounts.
• D)perform a risk assessment for the audit of the organization.

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Definitions:

PERT

Program Evaluation and Review Technique is a project management tool used to plan, schedule, and control complex projects by analyzing tasks and their time estimates.

Critical Path

The sequence of stages determining the minimum time needed for an operation, project, or process development.

Variance

A statistical measure that represents the dispersion or spread of a set of data points or values around their mean.

Time-Cost Tradeoffs

In project management, the relationship between the time to complete a task and the cost associated with it, illustrating how increasing speed can lead to higher costs.