Which of the Following Statements Are True

question 105

Multiple Choice

Which of the following statements are true?

• A)The auditing standards require specific percentages be applied as benchmarks in setting planning materiality.
• B)For both private and publicly traded companies, the primary users of financial statements are the stockholders.
• C)Auditors rely heavily on their professional judgment in setting planning materiality
• D)Audit firms do not vary in the method they use to set planning materiality in the risk assessment phase.

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Definitions:

Deuteranopia

A form of colorblindness where individuals have trouble telling green and red colors apart.

Colorblindness

A deficiency in the way one sees color, making it difficult to distinguish certain colors from another.

Hereditary Trait

A hereditary trait is a characteristic that is passed from parents to offspring through genes, such as eye color, blood type, or certain inherited conditions.

Presbyopia

A common age-related condition where the eye loses its ability to focus on nearby objects, often leading to the need for reading glasses.