Substantive Testing Involves Direct Verification of Financial Statement Figures

question 24

True/False

Substantive testing involves direct verification of financial statement figures.

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Definitions:

Duty

An obligation placed on individuals because of the law.

Employee

An employee is an individual who works part-time or full-time under a contract of employment, whether oral or written, express or implied, and has recognized rights and duties.

Commingle

To mix or blend funds or assets from different sources, often in a way that makes them indistinguishable.

Personal Funds

Money owned by an individual that is not tied to any business, investment, or other financial obligations, typically used for personal expenses or savings.