The Extent of Procedures Is Affected Mostly by Which of the Following

question 60

Multiple Choice

The extent of procedures is affected mostly by which of the following factors?

• A)The sheer volume of procedures to be applied by the auditor.
• B)The time of year in which the client takes a physical inventory in the warehouse.
• C)The auditor's judgment that misstatements are probable in certain balances.
• D)The availability of the client's staff at or near the balance sheet date.

---

Definitions:

Soviet Bloc

The group of communist states of Central and Eastern Europe, including the Soviet Union, that existed during the Cold War.

Capital Markets

Financial markets for buying and selling equity and debt instruments, facilitating the raising of capital by companies and governments.

High Rates

Elevated levels of interest, charges, or other financial metrics compared to a standard or average.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial performance beyond the break-even point.