Which of the Following Is Not a Purpose of the Review

question 58

Multiple Choice

Which of the following is not a purpose of the review of audit documentation by a supervisor during fieldwork?

• A)To ensure that all appropriate steps in the audit plan were performed.
• B)To ensure that referencing among audit documentation is clear.
• C)To ensure that the explanations included in the audit documentation are understandable.
• D)To ensure that the overall scope of the audit was appropriate.

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Definitions:

Expected Holding-Period Return

The total return anticipated on a bond if it is held until the end of its lifetime or holding period, including interest payments and capital gain or loss.

Probability Distribution

An analytical function that describes every probable value and its likelihood for a random variable over a predefined interval.

Stock of the Economy

The stock of the economy refers to the total value of all assets and investments available within an economy at a given time.

Expected Standard Deviation

A measure of the amount by which an asset's return is expected to deviate from its average return, used as an indicator of the risk associated with the asset.