Which Would NOT Typically Be an Objective of a Financial

question 23

Multiple Choice

Which would NOT typically be an objective of a financial statement audit?

• A) Ensuring the existence of assets and liabilities and occurrence of income and expenses
• B) Evaluating the economy and efficiency with which scarce resources are used
• C) Verifying that all financial statement items are properly presented
• D) Ensuring that the auditee owns the assets and is obligated to the extent of liabilities shown
• E) Verifying the proper valuation of assets,liabilities,income,and expenses

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Definitions:

Decentralizing Decision-making

involves distributing authority for decision-making from a central figure or location to individuals or units at various levels within an organization or system.

Flattening Structures

The process of reducing levels of hierarchy within an organization or system, leading to a more horizontal organizational structure.

Norms Of Solidarity

Guidelines that promote social cohesion and mutual aid among members of a society or group, facilitating cooperation and unity.

Social Category

A classification of people based on shared characteristics, without necessarily implying social interaction among the members of the category.