For an Internal Control Test,the Auditor Performs the Audit Procedure

question 64

Multiple Choice

For an internal control test,the auditor performs the audit procedure to determine whether the sample items contain

• A)deviations from the asserted control
• B)deviations from the documented control
• C)exceptions to the documented control
• D)exceptions to the asserted control

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Definitions:

Profit-Sharing Plan

A system whereby an employer pays compensation or benefits to employees, usually on an annual basis, in addition to their regular wage, on the basis of the profits of the company.

Pension Benefits Standards Act

Legislation regulating private sector pension plans, setting minimum standards for funding, governance, and the rights of plan participants.

Private Pension Plan

A retirement plan established by an employer or a union that provides an income to employees after retirement, funded primarily through employer contributions.

GST

Goods and Services Tax; a value-added tax levied on most goods and services sold for domestic consumption.