When Creating an Audit Program and Designing Audit Procedures, _______

question 25

Multiple Choice

When creating an audit program and designing audit procedures, _______.

• A)an auditor also decides how to select appropriate items for testing
• B)an auditor also decides how to select appropriate items for removal from the test sample
• C)the auditors should defer sample selection to the internal auditors
• D)the auditors should consider use of the cheapest statistical selection methods possible, to lower the cost of the audit

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Definitions:

Termination of Offer

The revocation or withdrawal of a proposal by the offeror before it has been accepted by the offeree.

Counteroffer

A proposal made in response to an original offer, modifying its terms and conditions, which effectively rejects the initial offer.

Material Term

A significant provision in a contract that notably affects the rights and obligations of the parties involved.

Elements of Offer

The criteria that must be met for a proposal to be considered a valid offer in contract law, typically including intent, definiteness, and communication to the offeree.