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TRUE or FALSE In performing analytical procedures, auditors look for something that is Unusual and Unexpected. Analytical procedures are only performed prior to the audit.
TRUE or FALSE
- In performing analytical procedures, auditors look for something that is Unusual and Unexpected.
- Analytical procedures are only performed prior to the audit.
- Reasonable Assurance relates to the accumulation of sufficient appropriate audit evidence - Sufficient indicates the amount of evidence accumulated.
- Reasonable Assurance relates to the accumulation of sufficient appropriate audit evidence - Appropriate indicates the strength of the evidence.
- A client CFO telling an auditor that the client maintained $50,000 at Harris Bank as of 12/31/21 would not be considered Audit Evidence.
- A Negative Assurance like Nothing Came to our Attention would be listed in an Examination report as a form of Attestation.
- Prior to Sarbanes-Oxley, the Accounting Profession regulated the Accounting Profession.
- The Phrase Trust But Verify is used to explain Internal Controls.
- The Financial Statement Assertion Existence indicates all assets, liabilities, and equity interests have been recorded.
- Independent 3rd Party Evidence that substantiates an amount on the Balance Sheet is Very Song Evidence.
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