The Auditor Should Identify and Include Only ________ Controls Since

question 21

Multiple Choice

The auditor should identify and include only ________ controls since they will be sufficient to achieve the transaction-related audit objectives and will also provide audit efficiency.

• A) key
• B) significant
• C) material
• D) compensating

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Definitions:

Assignment

The transfer of rights or property from one party to another.

Creditor Beneficiaries

A creditor beneficiary is a third party that benefits from a contract wherein the promisor agrees to pay the promisee's debt to the third party.

Assignment of Rights

The transfer of legal rights from one party to another, often involving debts or benefits under a contract.

Assignment of Duties

The process of allocating responsibilities and tasks to individuals or groups in an organization.