When Obtaining Evidence About Internal Control Operating Effectiveness,the Auditor Will

question 14

True/False

When obtaining evidence about internal control operating effectiveness,the auditor will select only entity-wide controls for testing.

---

Definitions:

Mislaid

Refers to property that is intentionally placed somewhere but then forgotten, implying it can be recovered by the owner.

Abandoned

A state where a property or a project has been left forth by its owner or tenant without any intention to return and claim or resume its use.

Safety-deposit Boxes

Secured containers held within banks or vaults where individuals can store valuable items or documents for protection.

Bailor

The party in a bailment contract who temporarily transfers possession but not ownership of a property or good to another party.