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auditor assessed the preliminary a

auditor assessed the preliminary a

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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After a preliminary review of the clients, revenue and receipt transaction cycle, the auditor assessed the preliminary audit risk at a high level, which of the following additional procedures would the auditor most likely perform next: * a. Obtain evidence about the consistency of the application of the client's internal control procedures. b. Increase the overall audit materiality level. c. Perform extensive analytical procedures as substantive test at year-end. d. Increase the volume of evidence that will satisfy the auditor's sufficiency criteria. e. None of the above
Transcribed Image Text:After a preliminary review of the clients, revenue and receipt transaction cycle, the auditor assessed the preliminary audit risk at a high level, which of the following additional procedures would the auditor most likely perform next: * a. Obtain evidence about the consistency of the application of the client's internal control procedures. b. Increase the overall audit materiality level. c. Perform extensive analytical procedures as substantive test at year-end. d. Increase the volume of evidence that will satisfy the auditor's sufficiency criteria. e. None of the above
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