Applying a Data Analytical Approach to Tests of Controls Is

question 2

Multiple Choice

Applying a data analytical approach to tests of controls is least likely to result in which of the following?

• A)Testing a number of control simultaneously electronically.
• B)Documenting the engagement through an electronic representation letter obtained monthly.
• C)Testing all incidents of operation of a control during the year.
• D)Following up sample results with an analysis of the entire population.

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Definitions:

Product Costs

Expenses directly incurred in the manufacturing of a product.

Period Cost

A financial metric that includes all costs not associated with the production of goods, such as administrative and sales expenses.

Product Cost

The total costs associated with making a product, including direct labor, direct materials, and overhead expenses.

Verticals

Specific business sectors or categories of industry that companies are engaged in or serve.