Falk Noam is the internal auditor for Matan Incorporated. Before investigating the HRM / payroll cycle at Matan, Falk decided to read up on the proper segregation of duties regarding payroll disbursement processes. For strongest segregation of duties, the ________ should record payroll

With a dual purpose test, what is an auditor likely to do?

a. Perform a substantive procedure concurrently with a test of a control. b. Perform a substantive procedure concurrently with a risk assessment test. c. Perform a risk assessment test concurrently with a test of a control. d. None of the above.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. Almost half of all consumer loans are made by [commercial banks | finance companies].