The Primary Emphasis by Auditors When Evaluating and Testing Internal

question 37

True/False

The primary emphasis by auditors when evaluating and testing internal control is on controls over classes of transactions rather than controls over account balances.

---

Definitions:

Freedoms

The rights and privileges that allow individuals to act without interference or restriction within a society, subject to legal parameters.

Common Law

A collection of laws that are not codified but are founded on judicial decisions made by courts.

Equity

A branch of law that deals with justice and fairness, providing remedies and relief that are not available in the regular legal system.

Legal System

The comprehensive framework of laws, regulations, and procedures that guide the administration of justice in a society.