Henrietta Lombardi Assessed Control Risk to Be Low

question 58

Multiple Choice

Henrietta Lombardi 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:

Opportunity Cost

Opportunity cost refers to the benefit that is missed or given up when choosing one alternative over another.

Mutually Advantageous

A situation or agreement that provides benefits to all parties involved, often used in the context of trade or negotiations.

Ice Cream

A frozen dessert made from dairy products, such as milk and cream, often combined with fruits, flavors, or other ingredients.

Apple Pie

A traditional dessert pie, originating from England, made with apple filling enclosed in a pastry crust, often accompanied by ice cream, whipped cream, or cheddar cheese.