Applying Substantive Tests to the Details of Asset and Liability

question 1

Multiple Choice

Applying substantive tests to the details of asset and liability accounts as of an interim date,rather than as of the balance sheet date:

• A)Eliminates the use of certain statistical sampling methods that would otherwise be available.
• B)Presumes that the auditor will reperform the tests as of the balance sheet date.
• C)Should be especially considered when there are rapidly changing economic conditions.
• D)Potentially increases the risk that errors which exist at the balance sheet date will not be detected.

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