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In a Financial Statement Audit Performed Following AICPA Professional Standards,how

question 47

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In a financial statement audit performed following AICPA Professional Standards,how frequently must an auditor test operating effectiveness of controls that appear to function as they have in past years and on which the auditor wishes to rely upon in the current year?


Definitions:

Calculator

An electronic or mechanical device used to perform mathematical calculations ranging from basic arithmetic to complex equations.

Simplify

The process of reducing an expression to its most compact or simplest form without changing its value.

Expression

An arrangement of symbols representing a value or denoting a mathematical operation, without an equality sign.

Exponents

Numbers that indicate how many times a base is to be multiplied by itself.

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