During a Review of a Financial Report, the Auditor Would

question 28

Multiple Choice

During a review of a financial report, the auditor would be least likely to:

• A) read the financial report and consider its conformance with generally accepted accounting principles.
• B) obtain reports from other accountants who reviewed a portion of the total entity.
• C) obtain written confirmation from management regarding loans to officers.
• D) perform analytical procedures designed to identify relationships that appear to be unusual.

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Definitions:

Society

A group of individuals living together in a more or less ordered community with shared laws, traditions, and values.

Economic Profit

The disparity between a company's complete earnings and all its expenses, encompassing both direct and potential costs.

Resource Value

The worth of a resource, based on its utility in producing goods and services or its trade value in the market.

Market

A setting where buyers and sellers come together to exchange goods, services, or information.