Umberto Levinson Has Performed a Test of Controls of a Flower

question 42

Multiple Choice

Umberto Levinson has performed a test of controls of a flower shop. He is trying to determine the timing of substantive procedures at year end. Which factor will determine the timing of his audit procedures?

• A) timing of the year-end work
• B) audit risk
• C) inherent risk
• D) control risk

---

Definitions:

The Former Soviet Union

A term referring to the socialist state that existed from 1922 to 1991, comprising Russia and several other republics.

Personal Savings

The portion of an individual's income that is not spent on consumption or taxes and is instead retained for future use or investment.

United States

A country located in North America, consisting of 50 states, a federal district, five major self-governing territories, and various possessions.

LDC

An acronym for Less Developed Country, referring to a nation with a lower level of industrialization and lower living standards.