Which of the Following Is an Important Consideration During the Planning

question 29

Multiple Choice

Which of the following is an important consideration during the planning of the audit?

• A)Considering the independence of members of the audit team
• B)Performing some of the audit procedures prior to the end of the year under audit
• C)Considering the ability and expertise of the audit team with respect to accounting and auditing issues in the client's industry
• D)Considering the impact of tests of controls on the overall assessment of control risk

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Definitions:

Sale of Goods

The sale of goods refers to the transaction between a seller and a buyer where specific goods are transferred from the seller to the buyer for a price.

Statute of Frauds

A legal principle that requires certain contracts to be in writing and signed by the parties involved, to be enforceable.

Lease of Goods

A contractual agreement in which one party, the lessor, grants the other party, the lessee, the right to use an asset, such as equipment or vehicles, for a specified period in exchange for payment.

Statute of Frauds

A legal concept that requires certain contracts to be in writing and signed by all parties involved to be enforceable.