The Management's Responsibility Section of the Standard Audit Report for a Non-Public

question 49

Multiple Choice

The management's responsibility section of the standard audit report for a non-public company states that the financial statements are:

• A)the responsibility of the auditor.
• B)the responsibility of management.
• C)the joint responsibility of management and the auditor.
• D)none of the above.

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Definitions:

Heuristic

A problem-solving approach using practical methods or shortcuts to generate satisfactory, though not always optimal, solutions.

Algorithm

A step-by-step procedure or formula for solving a problem or accomplishing some end within a finite number of steps.

Ethnic Minority

A group of people who have different national or cultural traditions from the main population within a country or region.

Verbal Aptitude

The ability to understand and process words and language, both in speaking and writing.