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:

Online Presence

The collective existence of an individual or business that can be found through an online search, including websites, social media profiles, and online publications.

Monitor

A device used for displaying video output from computers, allowing users to interact with the software through visual feedback.

Social Media

Online platforms and technologies that enable users to create content, share information, and participate in social networking.

Branding

The process of creating a unique image, name, and identity for a product or company in the consumer's mind through marketing and design.