Which of the following is most likely to be considered an audit risk assessment procedure...
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Accounting
Which of the following is most likely to be considered an audit risk assessment procedure relating to internal control? Multiple Choice Confirm accounts receivable to gather evidence to support the existence assertion. Trace a transaction through the information system relevant to financial reporting to gain an understanding of the clients key controls. Take test counts of the yearend inventory to support the existence and valuation of the inventory reported on the balance sheet. Perform a test of a control relating to payroll to determine if the control is operating effectively.
Which of the following is most likely to be considered an audit risk assessment procedure relating to internal control?
Multiple Choice
Confirm accounts receivable to gather evidence to support the existence assertion.
Trace a transaction through the information system relevant to financial reporting to gain an understanding of the clients key controls.
Take test counts of the yearend inventory to support the existence and valuation of the inventory reported on the balance sheet.
Perform a test of a control relating to payroll to determine if the control is operating effectively.
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