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:

UCC Mandated Duty

Required responsibilities established under the Uniform Commercial Code, applicable to transactions involving personal property.

Honest in Fact

Honest in fact refers to a principle in commercial law that describes being genuinely truthful and fair in one's dealings, without deception.

Perfect Tender Rule

A legal principle that demands a seller to deliver goods in accordance with the terms exactly as specified in a contract.

Conforming Goods

Products that meet the specifications and quality standards agreed upon in a contract.