Which of the Following Statements Is Not True Concerning the Independent

question 116

Multiple Choice

Which of the following statements is not true concerning the independent external audit?

• A)The SEC requires all publicly traded companies to have their internal controls audited by external auditors.
• B)Many privately owned companies have their financial statements audited at the request of lenders.
• C)The goal of the external audit is to detect material misstatements.
• D)The auditors are required to check every transaction in order to provide assurance to financial statement users.

---

Definitions:

Phased Retirement

Gradual phase-in to retirement without loss or reduction of pension benefits.

Retiring Employees

Individuals who leave their jobs and cease to work typically due to age or health reasons, entering a period of retirement.

Occupation

A person's regular employment or profession, which is often used to identify one's role in society or the economy.

Work Arrangements

The terms and conditions under which work is performed, including aspects like scheduling, location (remote or on-site), and hours.