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All audit procedures have limitations, for example observation only provides evidence that a control was operating at the time of observation. Which of the following
All audit procedures have limitations, for example observation only provides evidence that a control was operating at the time of observation. Which of the following best describes a limitation of the audit procedure, enquiry?
It only verifies existence (but may indicate impairment)
It relies on the accuracy of the underlying data
It relies on the integrity and knowledge of the source
It relies on the operating effectiveness of controls
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