If There Have Been No Changes to a Control That

question 2

Multiple Choice

If there have been no changes to a control that a previous audit has found to be working effectively,________.

• A)an auditor must still test the controls and not place reliance on the prior year's testing
• B)an auditor must still test the controls but not to the same extent as the prior year's testing
• C)an auditor can rely on the prior year's work and not test controls in the current year
• D)an auditor can rely on the prior year's work but should test the controls every three years

Grasp the role of various departments and stakeholders in budget preparation and implementation.

Comprehend the impact of budgeting on organizational planning and control.

Understand the importance of flexibility and adaptive planning in budgeting.

Learn the sequence in which different component budgets are prepared.

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Definitions:

Discount Broker

A broker who trades stocks, but does not give investment advice.

Net Proceeds

The total amount received from a sale or transaction after deducting all related expenses and costs.

1% Commission

A fee or charge for services, typically in sales or financial transactions, that is equal to 1% of the transaction's total value.

Dividend Yield

A financial ratio that shows how much a company pays out in dividends each year relative to its share price.