Auditors Often Use Generalized Audit Software During Their Testing of a Client's

question 76

Essay

Auditors often use Generalized Audit Software during their testing of a client's internal controls. For the following uses of the software provide a description and an example.
Verify extensions and footings
Print confirmation requests
Compare data on separate files

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Definitions:

Taxpayer Reasoning

The thought process individuals use to evaluate the benefits and costs of paying taxes relative to the services and goods provided by the government.

Income Effect

The alteration in consumption habits of a person or the economy caused by a variation in real income.

Substitution Effect

A shift in buying habits resulting from changes in the comparative prices of items, making consumers switch from higher-priced goods to those that are more affordable.

Price Change

A variation in the cost of goods or services over time in the marketplace.