Which of the Following Standards Requires a Critical Review of the Work

question 245

Multiple Choice

Which of the following standards requires a critical review of the work done and the judgment exercised by those assisting in an audit at every level of supervision?

• A) Proficiency.
• B) Audit risk.
• C) Inspection.
• D) Due care.

---

Definitions:

Apparent Authority

Apparent authority refers to a situation where a third party reasonably believes that an agent has the authority to act on behalf of another (the principal), even if such authority has not been explicitly or implicitly granted.

Silent Partners

Investors in a partnership who contribute capital but do not take part in the management and are not known to the public.

Duty to Serve

An obligation to provide service, often seen within certain professions or regulated industries.

Day-to-Day Operations

The routine activities necessary for the functional and efficient conduct of a business or organization.