The Primary Reasons for the Existence of Auditing Standards Is

question 13

Multiple Choice

The primary reasons for the existence of Auditing Standards is:

• A)they provide assurance of the minimum standards that should have been employed by the auditor in arriving at the opinion.
• B)they are necessary to maintain a cost-effective service.
• C)they will safeguard the auditor when they are sued.
• D)all of the above.

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Definitions:

Information

Data that is processed, organized, structured, or presented in a given context to make it meaningful and useful.

Ratio Data

A type of quantitative data that not only measures the magnitude but also allows for the comparison of differences and the calculation of ratios, having an absolute zero point.

Categorical Data

Data that can be categorized into groups or categories that are mutually exclusive, without any natural ordering.

Obtaining

The act of acquiring or getting something through effort or request.