Regardless of the Level of Assessed Control Risk,the Auditor Must

question 48

Multiple Choice

Regardless of the level of assessed control risk,the auditor must conduct some substantive procedures for material account balances.These procedures may include which of the following.

• A)input from the audit team's brainstorming analysis regarding potential for fraud.
• B)the size of the account balance.
• C)how IT affects the company's flow of transactions.
• D)all of the above.

---

Definitions:

Test Average

The mean score obtained by an individual or group on a series of examinations or tests.

Average Variable Cost

The variable cost per unit of output.

Average Variable Cost

The variable costs associated with production, when divided by the number of units produced, indicate the cost per unit.

Marginal Cost

The cost of producing one additional unit of a good or service, an important concept in economics for determining the optimal level of production.