The Purpose of Phase 3 in the "Process for Understanding

question 12

Multiple Choice

The purpose of phase 3 in the "process for understanding internal control and assessing control risk" is to:

• A)design, perform and evaluate tests of controls.
• B)obtain and document an understanding of internal control design an operation.
• C)assess control risk.
• D)decide planned detection risk and substantive tests.

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Definitions:

Eyewitness

A person who directly observes an event and can provide testimony or information about it.

Biased

A tendency to favor or lean towards a particular perspective, conclusion, or response, often in a way that is considered to be unfair or biased against other options.

Tapped

Accessing a resource or obtaining information from a specific source; also refers to gently striking something.

Emotion

A complex psychological state involving an individual's subjective experience, physiological response, and behavioral or expressive response.