When Performing a Parallel Simulation the Auditor May Use Generalized

question 35

Multiple Choice

When performing a parallel simulation the auditor may use generalized audit software (GAS) . Which of the following is not seen as an advantage to using GAS?

• A) Auditors can learn the software in a short period of time
• B) Can be applied to a variety of client's after detailed customizations
• C) Can be applied to a variety of client's with minimal adjustments to the software
• D) Greatly accelerates audit testing over manual procedures

---

Definitions:

Voidable Contract

A legal agreement that may be considered invalid upon the request of one of the parties due to certain defects, such as misrepresentation or lack of capacity at the time of execution.

Statute Of Limitations

A statute that requires that certain classes of lawsuits must be brought within defined limits of time after the right to begin them accrued or the right to bring the lawsuit is lost.

Unenforceable Contract

An agreement that, due to legal deficiencies or circumstances, cannot be legally compelled by a court to be executed by the parties involved.

Executory Contract

A contract under which both parties to the agreement have obligations that remain to be fulfilled; if one side has completed its obligations, the contract is no longer executory.