According to U

question 30

Multiple Choice

According to U.S.standards, the external auditor's responsibility for discovering illegal acts involving a law and regulation that is far-removed from events that affect the financial statements does not include

• A)Designing audit procedures to detect illegal acts in the absence of specific information brought to the auditors' attention.
• B)Performing audit procedures when specific information indicates that possible illegal acts may have a material indirect effect on financial statements.
• C)Considering the qualitative materiality of known and suspected illegal acts.
• D)Obtaining written management representations concerning the absence of violation of laws and regulations.

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Definitions:

Current Account Deficit

A situation in which a country's total imports of goods, services, and transfers are greater than the country's total export.

Dutch Tourists

Refers specifically to travelers from the Netherlands who visit other countries for leisure, business, or other purposes.

Swedish Kroner

The official currency of Sweden, often represented by the code SEK.

Dollar Price

Dollar price refers to the cost or value of a good or service expressed in terms of the amount of U.S. dollars required to purchase it.