Author Question: Once auditors determine that entity level controls are designed and placed in the operation, they (Read 35 times)

allywil32 · **on:** Aug 21, 2022

Question 1

Before making the final assessment of internal control at the end of an audit, the auditor must
◦

Test controls	Perform substantive tests
Yes	Yes

◦

Test controls	Perform substantive tests
No	No

◦

Test controls	Perform substantive tests
Yes	No

◦

Test controls	Perform substantive tests
No	Yes

Question 2

Once auditors determine that entity level controls are designed and placed in the operation, they
◦ make a preliminary assessment for each transaction-related audit objective for each major type of transaction.
◦ make a preliminary assessment of control risk.
◦ obtain an understanding of the design and implementation of internal control.
◦ prepare audit documentation in order to express their opinion on the company's internal control system.

miro2222 · **Reply #1 on:** Aug 21, 2022

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