QuestionQ78Verified/Information System Auditing ProcessCopy linkReport a problemAsk AstroTutorSave questionWhich of the following would be the GREATEST concern in a financial statement audit?AA backup has not been identified for key approvers.BSystem capacity has not been tested.CThe procedures for generating key reports have not been approved.DThe financial management system is cloud based.Show AnswerAnswerExplanationControls over generating key financial reports are fundamental to the accuracy, completeness, consistency, and authorization of information used in financial statements. Lack of approval for those procedures creates a direct risk that financial reporting may be unreliable.Show comments1Show commentsCommunity DiscussionNo comments yet. Be the first to start the discussion!
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