Which of the following statements best describes the phrase, “evaluating the design of a control”?     Group of answer choices A. Considering whether the control, individually or in combination with other controls, is capable of effectively preventing, or detecting and correcting, material misstatements. B. Expressing an opinion as to the effectiveness of a control. C. Observing the application of specific controls. D. Determining whether the control exists and that the entity is using it.

Q: In terms of an audit, define " substantive strategy " and " reliance strategy ". How do the…

A: Audit strategy refers to a strategy that guides the audit plan. It refers to the combination of…

Q: Distinguish between tests of controls and substantive testing.

A:

Q: explain the importance of internal control procedures.

A: Internal control: Whatever be kind of control, whether economic or related to the management or any…

Q: List and explain briefly the phases of an internal control evaluation.

A: Internal controls are indeed defined as the measures put in place by a corporation to secure its…

Q: Describe the benefits of internal control report.

A: Internal Control Report:   An internal control report is the end result of the conducting an…

Q: Reasonable assurance that the objectives of internal control are achieved depends on the competence…

A: The question is related to Auditing. Resonable assurance means a high level of assurance regarding…

Q: Define a scope limitation and distinguish between client-imposed and circumstance-imposed scope…

A: An auditor is supposed to carry out his reporting obligations to the best of his ability, using the…

Q: Which of the following is NOT a task performed in the audit planning phase? a. reviewing an…

A: In audit planning phase, some tasks are performed: Reviewing an organization’s policies and…

Q: XPLAIN AND WHAT KIND OF INTERNAL CONTROL NEEDED BY AUDITOR OR AU

A: Role of Auditor is very important in the accounting of the organization and basic duty is keep…