The Primary Objective of Analytical Procedures Used in the Final

question 34

Multiple Choice

The primary objective of analytical procedures used in the final review stage of an audit is to

• A)obtain evidence from details tested to corroborate particular assertions.
• B)identify areas that represent specific risks relevant to the audit.
• C)assist the auditor in looking for potential material misstatements.
• D)satisfy doubts when questions arise about a client's ability to continue operations.

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Definitions:

Argumentum Ad Hominem

A logical fallacy where an argument is countered by attacking the character, motive, or other attributes of the person making the argument, rather than addressing the substance of the argument itself.

Sarbanes-Oxley Act

A United States federal law enacted in 2002 that set new or expanded requirements for all U.S. public company boards, management, and public accounting firms, aimed at protecting investors from fraudulent financial reporting.

Code of Ethics

A set of principles and guidelines designed to help professionals conduct business honestly and with integrity.

Davis-Bacon Act

A United States federal law that requires paying the local prevailing wages on public works projects for laborers and mechanics.