In a Computerized Environment, the Auditor Can Often Perform Substantive

question 70

True/False

In a computerized environment, the auditor can often perform substantive tests of transactions quickly for a large sample of transactions.

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Definitions:

Current Account

A component of a country's balance of payments that includes the trade balance, net income from abroad, and net current transfers, reflecting the difference between a nation's savings and its investment.

Billion

A number equal to a thousand million (1,000,000,000) in the short scale, or a million million (1,000,000,000,000) in the long scale, depending on the country.

Balance Of Trade

The difference in value between a country's imports and exports over a period of time.

Balance Of Payments

A financial statement summarizing a country's transactions with the rest of the world, including exports, imports, and capital flows, over a specified period.