Which of the Following Best Describes the AICPA's Audit Data

question 30

Multiple Choice

Which of the following best describes the AICPA's Audit Data Standards (ADS) ?

• A)The base level of testing procedures that should be performed on AIS data.
• B)A set of analytic procedures designed to be used with modern ERPs' large datasets.
• C)A set of standards for data files and fields designed to support external audits.
• D)The codification of all auditing guidelines pertaining to the data generated by AISs.

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Definitions:

Misleading Statement

Any declaration or representation that has the potential to deceive or misinform others, especially in contexts like advertising or public statements.

Corporate Securities

Financial instruments issued by corporations, including stocks and bonds, representing ownership or debt obligations.

Issue Securities

The process by which corporations, governments, or other entities raise capital by distributing financial instruments, including stocks and bonds, to investors.

Issues Opinions

Refers to the practice of legal bodies or officials, like courts, issuing formal judgments or explanations for their decisions on cases.