The Audit Is to Be Performed by a Person or Persons

question 93

Multiple Choice

The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor.This is one of the generally accepted auditing standards that is part of the:

• A)General Standards
• B)Operating Standards
• C)Fieldwork Standards
• D)Reporting Standards

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Definitions:

Discount Rate

The interest rate the Fed charges banks that borrow reserves

Depository Institutions

Financial organizations, such as banks and credit unions, that accept deposits from individuals and provide loans and other financial services.

Borrow

Obtaining funds from another party with the promise to return the principal amount along with agreed-upon interest or dividends.

Discount Rate

The rate at which financial institutions can borrow funds from the central bank, often used as a monetary policy tool.