The Least Likely Source of Information for the Auditor in Obtaining

question 46

Multiple Choice

The least likely source of information for the auditor in obtaining an understanding of the client's industry conditions is:

• A) industry Audit Guides.
• B) trade journals.
• C) industry statistics compiled by government or private agencies.
• D) data accumulated by the audit firm

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Definitions:

Limited Search

A decision-making process where the search for alternatives is restricted by constraints like time and information.

Risk Propensity

The inclination or tendency of an individual or organization to take or avoid risks, often influencing decision-making processes and outcomes.

Emotional Block

A psychological barrier that prevents a person from expressing their feelings or emotions, often hindering effective communication and personal development.

Tacit Knowledge

Personal, contextual knowledge not easily shared or articulated, often acquired through personal experience and context.