Chapter 5 Discusses the Essential Properties of Working Papers

question 29

Multiple Choice

Chapter 5 discusses the essential properties of working papers.With respect to data analytics,working papers should contain the following items except:

• A) work programs used to document the audit procedures to collect, manipulate, model, and evaluate data
• B) IT-related documentation, including flowchart and process maps that provide system understanding
• C) database maps and data dictionaries that define the location and types of data auditors will analyze
• D) documentation of every matter considered during the audit.

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Definitions:

MP-3 Player

A portable digital device designed to play audio files in the MP3 format, allowing for the storage and playback of music and other audio.

Tax

A compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions.

Deadweight Loss

An economic inefficiency arising when a good or service fails to meet its free market equilibrium point.

Taxes

Mandatory payments made to the government, taken from individuals' earnings and the profits of businesses, or incorporated into the price of certain products, services, and financial dealings.