ICFR Tests to Provide Evidence on Whether the Controls Can

question 67

Multiple Choice

ICFR tests to provide evidence on whether the controls can be relied upon for the financial statement audit can be performed

• A) only during year-end because they must be performed at the same time as financial statement audit procedures.
• B) only during interim because they must be performed at the same time as financial statement audit procedures.
• C) at any time the evidence is available, as long as the entire period of reliance is evaluated.
• D) at any time after the substantive procedures have been completed, so that the opinion on financial statement misstatements is not superceded by the opinion on the effectiveness of controls.

---

Definitions:

Halo Effects

A cognitive bias where an overall impression of a person, brand, or product influences feelings and thoughts about its properties or related items.

Selective Perception

The process by which individuals interpret or focus on specific stimuli while ignoring others, based on preconceptions or experiences.

Projection

A psychological defense mechanism where an individual ascribes their own undesired feelings or attributes onto others.

Increased Satisfaction

The improvement of contentment and fulfillment experienced by individuals, typically in a work or service context.