Two Things That Auditors Do with Misstatements During the Audit

question 82

Multiple Choice

Two things that auditors do with misstatements during the audit are _______.

• A)documenting and accumulating them
• B)documenting and referring them to the internal auditors
• C)documenting and referring them to senior management
• D)accumulating and immediately correcting them

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Definitions:

Congress

The national legislative body of the United States, consisting of two chambers: the Senate and the House of Representatives, responsible for making federal laws.

Federal Government

The national government of a federal state, which shares sovereignty with its sub-national entities and possesses its own powers and responsibilities distinct from those of state governments.

Government Shutdown

A situation where the government temporarily ceases operations due to the lack of approved funding.

Acceptable Budget

A financial plan or limit that is deemed satisfactory by those to whom it applies.