When the Auditor Concludes That Audit Risk Is at an Acceptable

question 40

True/False

When the auditor concludes that audit risk is at an acceptable level, he or she can proceed to formulate the opinion supported by the findings.

---

Definitions:

Secretary of the State

A high-ranking official typically responsible for keeping public records, administering elections, and managing the affairs of the state government.

S Corporation

A special form of corporation in the United States that allows for the income, losses, deductions, and credits to be passed directly to shareholders to avoid double taxation.

LLC

A Limited Liability Company, a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Double Taxed

The imposition of two or more taxes on the same income, asset, or financial transaction.