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Where internal auditors are examining financial systems, they perform substantive procedures on transactions and balances in a similar way to external auditors. Which of the following statements is not true in respect of substantive procedures? A. Computerised systems mean that the risk of systematic errors in transaction processing is low. B. The materiality levels used by internal auditors may be different to those used by external auditors. C. The level of substantive testing can be reduced if tests of controls show that controls are operating effectively. D. If internal auditors discover errors during their substantive procedures, they should re-assess their assessment of control risk. E. Both internal auditors and external auditors will note and aggregate substantive errors discovered during the course of their testing. |