The Execution Stage of an Audit Involves

question 13

Multiple Choice

The execution stage of an audit involves:

• A) evaluating the results of the detailed testing and forming an opinion on the truth and fairness of the client's financial report
• B) the assessment of the audit firm's quality control procedures
• C) the performance of detailed tests of controls and substantive testing of transactions and accounts
• D) gaining an understanding of the client

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Definitions:

Objective Self-Awareness

Ability to be the object of one’s own thoughts and attention–to be aware of one’s state of mind and what one is thinking.

Self-Talk

is the internal dialogue that individuals have with themselves, which can influence feelings and behaviors.

Self-Fulfilling Prophecy

A belief or expectation that causes itself to become true due to the behavior it inspires.

Self-Efficacy

A person’s belief in his or her ability to perform a specific task in a particular situation.