In Order to Obtain More Reliable Evidence, _______

question 89

Multiple Choice

In order to obtain more reliable evidence, _______.

• A)the auditors should request the internal audit function generate it
• B)auditors must exercise professional skepticism and be prepared to modify the planned audit procedures as needed
• C)the auditors should request that management generate it
• D)auditors should only rely on internally generated evidence

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Definitions:

Accounting Standards

Rules and guidelines set by authoritative bodies that dictate how financial transactions and statements should be recorded and reported.

External Users

Refers to individuals or entities outside of a company who use its financial information, such as investors, creditors, and regulatory agencies.

Accounting Standards

The rules and guidelines set by regulatory bodies that govern the preparation and presentation of financial statements.

Generally Accepted Accounting Principles

A collection of commonly-followed accounting rules and standards for financial reporting that is adopted by organizations to ensure consistency and transparency in financial statements.