Before Applying Substantive Procedures to the Details of Accounts at an Interim

question 81

Multiple Choice

Before applying substantive procedures to the details of accounts at an interim date (a date prior to the balance sheet date) ,an auditor should

• A) Assess control risk at high for the assertions embodied in the accounts selected for interim testing.
• B) Determine that the accounts selected for interim testing are not material to the financial statements taken as a whole.
• C) Consider the availability of information at a later date that will be necessary for the auditor's procedures (e.g., electronic data).
• D) Obtain written representations from management that all financial records and related data will be made available.

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Definitions:

Résumé

A document presenting a person's background, skills, and accomplishments, typically used for job applications.

Induce

To lead or move by persuasion or influence, as to some action or state of mind.

Interview

A formal meeting in which one or more persons question, consult, or evaluate another person, typically used for the purposes of assessment, research, or information gathering.

Application Letter

A document submitted to an employer that expresses interest in a specific job opening, highlighting qualifications and experience.