Audit Teams Would Least Likely Use Computer-Assisted Audit Techniques to

question 23

Multiple Choice

Audit teams would least likely use computer-assisted audit techniques to

• A) access client data files.
• B) prepare spreadsheets.
• C) assess control risk related to computerized processing systems.
• D) construct and perform parallel simulations.

Appreciate the implications of using exception handling for program reliability.

Understand the multifunctional roles of administrative agencies, including their judicial capacities.

Comprehend the scope and limitations of legislative rules and the enabling statutes.

Recognize the importance of procedural fairness in rulemaking and adjudication by agencies.

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Definitions:

Accounting Profit

Revenue minus explicit cost.

Factors of Production

The resources used in the creation of goods and services, traditionally categorized into land, labor, capital, and entrepreneurship.

Opportunity Cost

The real cost of an item: what you must give up in order to get it.

Explicit Cost

Direct, out-of-pocket payments for expenses incurred in business operations, such as wages, rent, and materials.