Which of the following BEST (select one) describes why auditing can be viewed as a continuous cyclical process? a) The audit plan is used to develop the audit schedule. b) Many audit departments review the same areas each year as part of the audit plan. c) Historical and current information from audits should be incorporated into the risk assessment. d) Businesses go through economic cycles, so audit plans must go through cycles.
Which of the following BEST (select one) describes why auditing can be viewed as a continuous cyclical process? a) The audit plan is used to develop the audit schedule. b) Many audit departments review the same areas each year as part of the audit plan. c) Historical and current information from audits should be incorporated into the risk assessment. d) Businesses go through economic cycles, so audit plans must go through cycles.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following BEST (select one) describes why auditing can be viewed as a continuous cyclical process?
a) The audit plan is used to develop the audit schedule.
b) Many audit departments review the same areas each year as part of the audit plan.
c) Historical and current information from audits should be incorporated into the risk assessment.
d) Businesses go through economic cycles, so audit plans must go through cycles.
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