Phase II of the Audit Primarily Relies on Which Type(s)of

question 72

Multiple Choice

Phase II of the audit primarily relies on which type(s) of audit evidence?

• A) documentation
• B) analytical procedures
• C) physical examination
• D) all of the above

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Definitions:

Common Resource

A resource like air or water that is not owned by anyone, but is available for use by everyone, often leading to overuse and depletion.

Marginal Social Benefit

The extra advantage to the community when one additional unit of a product or service is made.

Negative Externalities

External costs.

Marginal Social Cost

Marginal social cost is the total cost society bears for the production of an additional unit of a good or service, considering both private costs and any external costs.