Adequate Technical Training and Proficiency in Auditing Is a Requirement

question 65

Multiple Choice

Adequate technical training and proficiency in auditing is a requirement of which category of generally accepted auditing standards?

• A) general
• B) examination
• C) reporting
• D) quality control

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Definitions:

Salvage Value

The estimate of an asset's worth at the end of its useful life.

Average Accounting Return

A financial ratio that measures the net profit of a project or investment as a percentage of its initial cost.

Straight-line Depreciation

A method of allocating the cost of a tangible asset over its useful life in equal yearly amounts.

Net Income

The comprehensive earnings of a corporation after expenses and taxes have been taken away from its revenues.