The Term 'Privity of Contract' Refers To

question 9

Multiple Choice

The term 'privity of contract' refers to:

• A) The contractual relationship that exists between two or more contracting parties.
• B) The fact that an audit is to be performed in accordance with professional standards.
• C) The fact that an auditor appointed to conduct a statutory audit cannot reduce their liability by contract .
• D) The mandatory requirement that there must be an engagement letter setting out the terms of the audit contract.

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Definitions:

Most Direct

Refers to the simplest or straightest path or method to achieve something without detours or intermediaries.

Obstacle-Free Path

A route or course of movement that does not have any barriers or hindrances, facilitating smooth progression.

Bilingual Micmac Children

Refers to children from the Micmac community who are raised speaking both their native Micmac language and another language.

Conservation Performance

The ability to understand that certain properties of objects remain the same despite changes in the objects' form or arrangement.