The Use of Standard Operating Procedure Questionnaires in Audit Fieldwork

question 67

Multiple Choice

The use of standard operating procedure questionnaires in audit fieldwork can be beneficial because.

• A) These questionnaires can both identify discrepancies and educate clients.
• B) Standard operating procedures are essential to the effectiveness and efficiency of operations.
• C) These questionnaires are more comprehensive than are other types of techniques for gathering data during fieldwork.
• D) These questionnaires do not normally require prior clearance with management of the audited area.

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Definitions:

Short Recession

A brief period of economic decline during which trade and industrial activity are reduced, generally identified by a decline in GDP in successive quarters.

Real Estate Bubble

A real estate bubble is a situation in which property prices rapidly inflate beyond fundamental valuations, typically followed by a sharp decline.

Stock Market Crash

A rapid and often unanticipated decline in stock prices across a significant cross-section of a stock market, leading to a loss of paper wealth.

Terrorist Attacks

Acts of violence carried out by individuals or groups with the intent to cause fear, disruption, or political change.