In describing the relationship between management and the board of directors, we can say that The board of directors reports to management Management reports to the board of directors. Neither group is accountable to the other Both groups report directly to the shareholders A dual-purpose test is procedure that serves as both a substantive test of transactions and a substantive test of balances A procedure that provides evidence about two different account balances at the same time A procedure that serves as both a test of control and a substantive test of transactions. A procedure that provides evidence about two different accounting periods at the same time Generally accepted auditing standards for private companies are established by The Auditing Standards Board and the Institute of Internal Auditors The Auditing Standards Board and fie SEC The SEC The Auditing Standards Board