Which of the Following Is False

question 44

Multiple Choice

Which of the following is false?

• A)Regardless of the achieved level of control risk in connection with the audit of the financial statements, auditing standards require the auditor to perform some substantive procedures for all significant accounts and disclosures.
• B)The absence of misstatements in financial statements is considered convincing evidence that existing controls are effective.
• C)The audit of internal control is intended to draw conclusions about the effectiveness of internal control over financial reporting as of a specific date.
• D)The auditor is required by AS5 to evaluate the implications of the financial statement audit for the effectiveness of internal control over financial reporting.

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Definitions:

Steps

The individual phases or actions taken in a process or procedure to achieve a particular end result.

Methodology

A system of methods used in a particular area of study or activity, often implying a structured or systematic approach.

Flexible Global Supply Chain

A supply chain designed to swiftly adjust to changes in demand, supply, and market conditions worldwide.

Demand Uncertainty

The unpredictability of consumer demand for a product or service, making planning and forecasting challenging.