If Auditors Conduct Substantive Procedures as of 10/31 for an Entity

question 100

Multiple Choice

If auditors conduct substantive procedures as of 10/31 for an entity with a 12/31 year-end

• A) Additional tests are seldom conducted for the remaining period.
• B) Additional control tests are required in the remaining period.
• C) The client's controls likely are ineffective.
• D) Additional tests likely will be performed in the remaining period.

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Definitions:

Savings And Loan Scandal

A financial scandal involving the mismanagement and fraudulent activities of savings and loan associations in the 1980s in the United States.

American Public

The general population of the United States, considered as the audience for media, political discourse, and cultural artifacts.

Victimless Crimes

Legal offenses in which all parties consent and no one is directly harmed, although society may deem the action as immoral or illegal.

Calculated

Determined by mathematical process or careful planning and consideration.