Which of the following is true regarding the relationship between tests of controls and procedures to obtain an understanding? in obtaining an understanding of internal control, the procedures to obtain an understanding are applied to all controls identified during that phase. tests of controls are applied only when the assessed control risk has not been satisfied by the procedures to obtain an understanding. procedures to obtain an understanding are performed only on one or a few transactions. all of the above are correct.

Construct an example of the cycle of​ money, identify all the players involved and identify their individual benefits from participating in the cycle of money. in the examples of the cycle of money shown​ below, identify all the players involved and identify their individual benefits from participating in the cycle of money. example​ one: ​(select from the​ drop-down menus.) ▾ opens a savings account ▾ with the borrower with the original lender at a local commercial bank with a​ $200 deposit. the ▾ original lender bank borrower loans out the​ $200 with other funds from other savings accounts to ▾ the original lender a local businessman who is expanding his business. the local businessman pays back the loan over time with interest and the bank credits the savings account with interest. the individual withdraws money from the savings account to buy a new bike.