Question 18According to the PCAOB, during the audit of internal controls for an issuer (public company), the ultimate objective of testing the design effectiveness of internal controls is to: Determine whether the company's controls are processing data effectively. Determine whether the company's controls will satisfy control objectives and prevent or detect errors or fraud that could result in material misstatements to the financial statements. Determine that the company's employees are processing the controls according to policy and procedures manuals at the company. None of the answers provided are correct..

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Answered: Question 18 According to the PCAOB,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question 18

According to the PCAOB, during the audit of internal controls for an issuer (public company), the ultimate objective of testing the design effectiveness of internal controls is to:

		Determine whether the company's controls are processing data effectively.
		Determine whether the company's controls will satisfy control objectives and prevent or detect errors or fraud that could result in material misstatements to the financial statements.
		Determine that the company's employees are processing the controls according to policy and procedures manuals at the company.
		None of the answers provided are correct..

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