Identify key controls that should reduce control risk for each transaction-related audit objective.
Audit Procedures: When designing tests of controls and substantive tests of transactions, auditors emphasize satisfying the transaction-related audit objectives developed in Chapter 6. Auditors follow a four-step approach to reduce assessed control risk: 1. Apply the transaction-related audit objectives to the class of transactions being tested, such as sales. 2. Identify key controls that should […]