The Main Goal of Auditing Internal Control Is

question 44

Multiple Choice

The main goal of auditing internal control is

• A) To allow the auditor to fix any internal control deficiencies.
• B) To form an opinion on the ability of internal controls to prevent fraud.
• C) To assure management that internal control is preventing all material misstatements on the financial statements.
• D) To evaluate the effectiveness of controls over all relevant financial statement disclosures in the financial statements.

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Definitions:

Probability

A measure of the likelihood that an event will occur, often expressed as a number between 0 and 1.

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 (impossibility) and 1 (certainty).

Notation P(A)

In probability theory, a notation representing the probability of event A occurring.

Precision

The quality of being exact, accurate, and carefully defined.