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Which situations is the auditor most likely to use reliance

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Reference no: EM132726194

Problem 1: In which of the following situations is the auditor most likely to use a reliance strategy?

A. If transactions are recurring.

B. For nonrecurring, unusual transactions.

C. If control risk is very high.

D. If the entity has a poorly-designed automated system.

Problem 2: Which of the following is not one of the 5 COSO components of a company's internal control system?

a. Control risk.

b. The company's risk assessment process.

c. Control activities.

d. Control environment.

 

Reference no: EM132726194

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