Auditors May Prepare Program Flowcharts to Verify the Correctness of Program

question 103

True/False

Auditors may prepare program flowcharts to verify the correctness of program logic.

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Definitions:

End User

The ultimate consumer of a product or service, who uses it for its intended purpose.

Direct Lease

A lease agreement directly between a lessor and lessee, often used in commercial real estate, where the lessee assumes both the benefits and risks of asset ownership.

Independent Leasing Company

A firm that specializes in leasing equipment or vehicles to businesses or individuals, not affiliated with a manufacturer or vendor of the items leased.

Financial Lease

A long-term lease agreement where the lessee assumes both the rights and risks of asset ownership, effectively treating it as a purchase for accounting purposes.