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

question 49

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 entity's controls likely are ineffective.
• D) Additional tests likely will be performed in the remaining period.

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Definitions:

Problem Solving Skills

Abilities that enable an individual or group to identify solutions to challenges or issues.

Expressive Skills

The ability to effectively convey thoughts, feelings, and ideas through various forms of communication such as speech, writing, art, or gestures.

Contracts

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Specific Goals

Clearly defined, measurable, and time-bound objectives that individuals, teams, or organizations aim to achieve.