Which of the Following Is least Likely to Be Considered

question 42

Multiple Choice

Which of the following is least likely to be considered an appropriate response relating to risks the auditors identify at the financial statement level?

• A)Assign more experienced staff.
• B)Incorporate additional elements of unpredictability in the selection of audit procedures.
• C)Increase the scope of auditor procedures.
• D)Emphasize the need to remain neutral,rather than to exercise professional skepticism.

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Definitions:

Barter System

An economic system where goods and services are directly exchanged for other goods and services without the use of money.

Monetary Exchange

The process of trading goods and services using money as a medium of exchange rather than direct barter.

Double Coincidence

A situation in a barter system where two parties each have something the other wants, allowing for an exchange without the need for money.

Limited Specialization

A situation in which individuals or entities focus on a restricted range of products or services to gain greater efficiency, but do not specialize to the extent that they produce only one good or service.