Which of the Following Would NOT Be Included in a Test

question 42

Multiple Choice

Which of the following would NOT be included in a test of a control working paper?

• A) the purpose of the test
• B) a conclusion about whether the account balance is materially misstated
• C) the work performed
• D) the findings/results of the testing

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Definitions:

Internal Control Elements

Components of a framework designed to safeguard assets, ensure financial reporting accuracy, promote operational efficiency, and encourage adherence to policies.

Efficient Funds Transfer

The process of transferring money from one bank account to another swiftly and cost-effectively.

Bank Reconciliation

This process ensures that a company's or individual's accounting records (check register) match up with the bank's records, often revealing discrepancies.

Internal Control System

A set of procedures and mechanisms implemented by a business to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.