The Five Step Process in the Audit of ICFR Includes

question 42

Multiple Choice

The five step process in the audit of ICFR includes:

• A)form an opinion on the safeguarding of the entity's assets.
• B)identify controls to test using a top-down, risk-based approach.
• C)form an opinion on the fairness of the presentation of the financial statements.
• D)plan the audit of the financial statements.

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Definitions:

Neurotic Trend

Patterns of behavior or thought that are characteristic of neurosis, often manifesting as irrational fears, anxieties, or obsessive acts.

Moving Toward

In psychological terms, it refers to an adaptive strategy where an individual seeks to reduce anxiety and establish security through affiliating or aligning with others.

Basic Anxiety

A pervasive feeling of insecurity and inadequacy stemming from early childhood, as posited by Karen Horney.

Neurotic Trends

Patterns of thought or behavior that are characterized by anxiety and deemed not within the normal range of psychological functioning.