When Planning an Audit, Which of the Following Should Be

question 82

Multiple Choice

When planning an audit, which of the following should be an overriding consideration?

• A) the accumulation of appropriate audit evidence
• B) the accumulation of sufficient audit evidence
• C) the minimisation of costs incurred to accumulate evidence
• D) all of the above

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Definitions:

Treasury Stock

Shares initially part of the company's outstanding shares that have been repurchased by the company.

Par Value

Par value is the nominal or face value of a bond, share of stock, or a coupon as stated by the issuer.

Stated Value

A per-share amount set by the board of directors for no-par value stock, which is not determined by market forces.

Revaluation Surplus

An increase in the value of an asset held by a company, recognized in equity, that occurs when the asset's current market value exceeds its previously recorded cost.