Evidence About Which Aspect(s) of Internal Control Is Usually Gained

question 40

Multiple Choice

Evidence about which aspect(s) of internal control is usually gained when the auditor is assessing control risk?

• A)Existence.
• B)Effectiveness.
• C)Continuity.
• D)All of the given answers.

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Definitions:

Political Action Committee

A Political Action Committee (PAC) is an organization that collects political donations from members and donates those funds to campaign for or against candidates, legislation, or initiatives.

Charitable Contribution

A gift or donation made to a non-profit organization, which can often be used as a tax deduction by the donor.

Synagogue

A Jewish house of worship and community gathering place.

Home Equity Indebtedness

Home equity indebtedness refers to loans secured by the taxpayer's home, where the proceeds are not necessarily used to buy, build, or substantially improve the home.