When Performing a Review of a Nonpublic Company,the Auditors Must

question 5

Multiple Choice

When performing a review of a nonpublic company,the auditors must obtain in a representation letter acknowledgement of management for its responsibility for each of the following except:

• A)Responsibility for identifying illegal acts committed by employees.
• B)Responsibility for the financial statements conforming with generally accepted accounting principles.
• C)Responsibility to prevent and detect fraud.
• D)Knowledge of any actual or suspected fraud that is material.

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Definitions:

Cognitive-Behavioral Therapy

Cognitive-Behavioral Therapy (CBT) is a psychotherapeutic approach that addresses dysfunctional emotions, behaviors, and cognitions through a goal-oriented, systematic process.

Psychodynamic Therapy

Psychodynamic Therapy is a form of depth psychology, the primary focus of which is to reveal the unconscious content of a client's psyche in an effort to alleviate psychic tension.

Transcranial Magnetic Stimulation

A procedure that applies magnetic fields in a non-invasive manner to stimulate brain nerve cells, aiming to alleviate symptoms of specific mental health issues.

Ritalin Therapy

Ritalin therapy involves the use of the stimulant medication Ritalin to treat conditions such as ADHD, by improving attention and reducing impulsivity.