Auditors Are Affected by Laws That Have Been Developed by Passage

question 85

Multiple Choice

Auditors are affected by laws that have been developed by passage through governmental agencies. These are referred to as:

• A) federal law.
• B) common law.
• C) statutory law.
• D) judicial law.

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Definitions:

Offer

An expression of willingness to enter into a contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed.

Negotiate

The process of discussing and reaching a mutual agreement between parties with different interests.

Revoke

To formally withdraw, cancel, or annul a right, privilege, or decision.

Offeror

The party in a contractual agreement who presents an offer to another party (the offeree) indicating readiness to enter into a contract on specified terms.