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Question 7 of For a private company audit, when would we test the operating effectiveness of controls? When a significant risk of material misstatement
Question 7 of For a private company audit, when would we test the operating effectiveness of controls? When a significant risk of material misstatement is identified, it is required under auditing standards to test the operating effectiveness of controls. When it is efficient and beneficial to reduce the amount of substantive testing performed. Anytime that we corroborate a control we should also test the operating effectiveness of control.
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Economics of Money, Banking and Financial Markets
Authors: Frederic S. Mishkin
9th Edition
978-0321607751, 9780321599797, 321607759, 0321599799, 978-0321598905
