The Auditor's Responsibility Section of the Standard Unqualified Audit Report

question 108

Multiple Choice

The auditor's responsibility section of the standard unqualified audit report states that the audit is designed to:

• A)discover all errors and/or irregularities.
• B)discover material errors and/or irregularities.
• C)conform to generally accepted accounting principles.
• D)obtain reasonable assurance whether the statements are free of material misstatement.

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Definitions:

Standing Plans

Pre-established policies, procedures, and rules designed to guide actions and decision-making in an organization's recurring situations.

Strategic Plans

A systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.

Single-use Plans

Specific plans developed to achieve a particular goal that is not expected to recur, used for unique or non-routine situations.

Strategic Plans

Documents or frameworks that outline an organization's long-term goals and the actions needed to achieve them, taking into account external and internal environments.