The Auditor Is Least Likely to Use Generalized Audit Software

question 55

Multiple Choice

The auditor is least likely to use generalized audit software to

• A) Perform analytical procedures on the entity's data.
• B) Access information stored on the entity's IT files.
• C) Identify material weaknesses in the entity's IT controls.
• D) Test the accuracy of the entity's computations.

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Definitions:

Personal Responsibility

The idea that individuals are responsible for their own actions and decisions, and must accept the consequences that come with them.

Work Opportunity Act

Legislation aimed at increasing job opportunities and ensuring workforce development by providing funding and support for employment training and education programs.

Laffer Curve

An economic theory proposing there exists a tax rate at which government revenue is maximized, suggesting that both higher and lower tax rates can lead to decreased revenue.

Fiscal Policy

The use of government spending and tax policies to influence economic conditions, including economic growth, inflation, and unemployment.