Which of the Following Is a Professional Standard That Must

question 39

Multiple Choice

Which of the following is a professional standard that must be followed by an accountant when conducting a compilation engagement?

• A)work being adequately planned and properly executed
• B)having adequate technical training and proficiency in auditing
• C)obtaining an adequate understanding of the business and its industry
• D)documenting the processes used to compile and record transactions

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Definitions:

Numerical Values

Quantitative data represented by numbers.

Metric

A standard unit of measurement or a quantifiable indicator used to assess, compare, or track performance or efficiency.

Measures

Quantitative or qualitative assessments or comparisons of different aspects of a concept or thing.

Interval Data

A type of numerical data in which the intervals between values are meaningful, allowing for a wide range of statistical operations.