Helen Lam Assessed Control Risk to Be Low

question 57

Multiple Choice

Helen Lam assessed control risk to be low. What is the appropriate audit strategy she should adopt?

• A) predominantly substantive audit approach
• B) control testing strategy
• C) combined audit strategy
• D) substantive year end testing

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Definitions:

Heuristic Modeling

A simplifying approach in problem-solving that employs practical methods or shortcuts, even at the risk of inaccuracy, to reach decisions or judgments.

Data Mining

The process of analyzing large datasets to discover patterns, trends, and relationships that can inform decision-making and strategy development.

Predictive Information

Data or insights used to make forecasts about future events, trends, or behaviors, often leveraged in strategic planning and decision-making.

Large Databases

Extensive collections of structured data that are stored and managed electronically, often used by organizations to store vast amounts of information efficiently.