STATEMENT 1: Most of the auditor's work in formulating an opinion on financial statements consists of obtaining and examining evidential matter. STATEMENT 2: The two types of tests of controls are analytical review procedures and tests of details. A. Only Statement 1 is incorrect B. Only Statement 1 is correct C. Both statements are incorrect D. Both statements are correct
STATEMENT 1: Most of the auditor's work in formulating an opinion on financial statements consists of obtaining and examining evidential matter. STATEMENT 2: The two types of tests of controls are analytical review procedures and tests of details. A. Only Statement 1 is incorrect B. Only Statement 1 is correct C. Both statements are incorrect D. Both statements are correct
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:STATEMENT 1: Most of the auditor's work in formulating an opinion on financial statements
consists of obtaining and examining evidential matter.
STATEMENT 2: The two types of tests of controls are analytical review procedures and tests of
details.
A. Only Statement 1 is incorrect
B. Only Statement 1 is correct
C. Both statements are incorrect
D. Both statements are correct
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