If the Auditors Do Not Have Access to All the Information

question 117

Multiple Choice

If the auditors do not have access to all the information relevant to the audit, this is known as a(an) ________.

• A)material misstatement
• B)limitation in scope
• C)estimate
• D)sampling technique

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Definitions:

Internet Growth

The expansion and increase in usage, infrastructure, and capabilities of the internet across the world.

Collection Time

The average amount of time it takes for a business to receive payments owed by its customers after a sale has been made, indicative of a company's efficiency in collecting accounts receivable.

Short-term Securities

Securities that typically mature in one year or less, often used for investment with lower risk and short-duration goals.

Zero Balance Accounts

Bank accounts that automatically maintain a zero balance by moving funds from a master account in an amount only large enough to cover checks presented.