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Auditing

Lecture 7 & 8

Audit risk, inherent and control risk, internal controls, substantive procedures, and audit sampling.

Question 1 of 57

Do we test every transaction?

Pick one: press 1-4 on your keyboard or click an option.
A

Only for cash transactions

B

No, we audit based on risk

C

Only if internal controls are weak

D

Yes, always