Final answer:
Generalized audit software is least likely to be used by auditors to identify material weaknesses in the entity's IT controls, as such tasks require a qualitative analysis rather than data analysis.
Step-by-step explanation:
The auditor is least likely to use generalized audit software to identify material weaknesses in the entity's IT controls. Generalized audit software is primarily designed for processing large volumes of data to perform tasks such as:
- Performing analytical procedures on the entity's data.
- Accessing information stored on the entity's IT files.
- Testing the accuracy of the entity's computations.
However, identifying material weaknesses in IT controls generally requires a more qualitative approach, which can involve an examination of processes, controls, and policies, rather than the data analysis capabilities generalized audit software provides.
In the United States, the likelihood that a citizen's taxes will be audited has decreased in recent decades. This trend is attributed to the federal government allocating fewer resources to such activities, particularly among high-income individuals.