According to ISA 315, which of the following is NOT an element of the control environment?
Correct answer: B. Information processing
- A. Participation of management
- B. Information processing
- C. Commitment to competence
- D. Human resource policies and practices
Explanation
Information processing is a control activity concerned with processing and checking transactions. Commitment to competence, human-resource policies and management or governance participation are features of the control environment.
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About Auditing
Auditing examines accounting records and financial statements to determine whether they present a reliable and fairly stated position. The subject covers audit objectives, internal controls, audit evidence, materiality, vouching, verification, working papers, auditor independence, audit reports, and the distinction between an audit and accounting or investigation.
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