In Testing Control Activities,an Auditor Ordinarily Selects from a Variety

question 82

Multiple Choice

In testing control activities,an auditor ordinarily selects from a variety of techniques,including

• A) Inquiry and analytical procedures.
• B) Reperformance and observation.
• C) Comparison and confirmation.
• D) Inspection and verification.

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Definitions:

AICPA

The American Institute of Certified Public Accountants, a professional organization for Certified Public Accountants (CPAs) in the United States.

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and principles that guide financial reporting and accounting practices in the United States.

Historical Cost

The original monetary value of an asset or investment at the time of its acquisition, not adjusted for inflation or changes in market value.

Consolidated Financial Statements

Financial statements that combine the financial information of a parent company with its subsidiaries, presenting it as if the group is a single entity.