Deirdre Brandt, a public accountant, tested sales transactions for the month of March in an audit of the financial statements for the year ended December 31, 2012 Based on the excellent results of the tests of controls, she decided to significantly reduce her substantive tests of details of balance...

Generally a successful test of controls allows for a redu ...

Deirdre Brandt, a public accountant, tested sales transactions for the month of March in an audit of

Question:

Deirdre Brandt, a public accountant, tested sales transactions for the month of March in an audit of the for the year ended December 31, 2012. Based on the excellent results of the tests of controls, she decided to significantly reduce her substantive tests of details of balances at year end. Evaluate this decision.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...