An Audit Conducted in Accordance with Generally Accepted Auditing Standards

question 4

Multiple Choice

An audit conducted in accordance with generally accepted auditing standards includes each of the following except:

• A)examination, on a test basis, of evidence supporting the amounts and disclosures in the financial statements.
• B)evaluation of the efficiency and effectiveness of management.
• C)assessment of the accounting principles used and significant estimates made by management.
• D)planning and performance of the audit to obtain reasonable assurance that the financial statements are free of material misstatements.

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Definitions:

Properly Labeled

Refers to items that have been marked or tagged with correct and necessary information according to guidelines or regulations.

Attachment

A bond or connection between individuals, often referring to the emotional bond between a child and a caregiver.

Email Message

A digital form of communication sent over the Internet, typically consisting of text, files, or other attachments.

Document

A written, printed, or electronic record that provides information or evidence or that serves as an official record.