During a Review of a Financial Report, the Auditor Would

question 28

Multiple Choice

During a review of a financial report, the auditor would be least likely to:

• A) read the financial report and consider its conformance with generally accepted accounting principles.
• B) obtain reports from other accountants who reviewed a portion of the total entity.
• C) obtain written confirmation from management regarding loans to officers.
• D) perform analytical procedures designed to identify relationships that appear to be unusual.

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Definitions:

Employer Pays

A principle or practice where the employer is responsible for bearing certain costs, such as those related to employee wages, benefits, and other employment-related expenses.

Bureaucracy

Definition: A system of administration characterized by strict policies, procedures, and hierarchy, usually within large organizations or governments.

Compa-ratio

is a metric that compares an individual's salary to the midpoint of a salary range for their position, offering insight into relative pay positioning.

Fair Labor Standards Act

A United States law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week.