Enquiry Involves the Auditor

question 20

Multiple Choice

Enquiry involves the auditor

• A) using questioning skills to determine how the control is completed and whether it appears to have been carried out properly and on a timely basis.
• B) re-performing the control to test its effectiveness.
• C) observing the actual control being performed.
• D) testing the physical evidence to verify that a control has been performed properly.

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Definitions:

Demand Shifts

Refers to the change in the quantity of a product that consumers are willing and able to buy at different prices, caused by factors other than the price of the product itself.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in market balance.

Equilibrium Quantity

The quantity of goods or services supplied that is equal to the quantity demanded at the market equilibrium price.

Lettuce Crop

The cultivation and production of lettuce, a leafy green vegetable commonly used in salads and other dishes.