Although Not a Generally Accepted Practice by Most Audit Organizations

question 18

Multiple Choice

Although not a generally accepted practice by most audit organizations, some may not comply with audit standards and call the final product reviews or studies. The entire following are some specific examples where standards may not be used EXCEPT:

• A) An "assignment" may have an extremely short deadline, making it virtually impossible to comply with all appropriate audit standards.
• B) The organization doesn't follow the audit standards.
• C) Assignments that are strictly tied to compliance with contract terms, regulations, or grant requirements.
• D) The requesting body (legislature, for example) may not want standards to be applied to the assignment.

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Definitions:

Professional Conduct

The behavior expected from members of a profession, upholding ethical standards and practices.

Government

An organization or system that governs and implements policies in a society or a specific geographic area.

Return Requirements

The minimum level of income or profit desired by an investor from their investments.

Risk Tolerance

An investor's ability or willingness to endure market volatility and bear the risk of losing money.