If the Auditors Do not Perform Tests of Controls for Certain

question 45

Multiple Choice

If the auditors do not perform tests of controls for certain assertions:

• A)They have performed a substandard audit.
• B)They are not required to communicate significant deficiencies relating to those accounts to management and the board of directors.
• C)They must issue a qualified opinion.
• D)They must assess control risk at the maximum level for those assertions.

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Definitions:

National Saving

The sum of savings made by both individuals and the government within a country, crucial for financing national investments.

Real Exchange Rate

An exchange rate that has been adjusted to reflect the purchasing power of different currencies.

Demand For Dollars

Refers to the desire or need by individuals, businesses, or countries to hold assets in U.S. dollars, influenced by factors like stability and strength of the U.S. economy.

Quantity Demanded

The amount of a good that buyers are willing and able to purchase.