Which of the Following Is Not Explicitly Stated in the Standard

question 112

Multiple Choice

Which of the following is not explicitly stated in the standard unqualified audit report?

• A)The financial statements are the responsibility of management.
• B)The audit was conducted in accordance with generally accepted accounting principles.
• C)The auditors believe that the audit evidence provides a reasonable basis for their opinion.
• D)An audit includes assessing the accounting estimates used.

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Definitions:

Present Value

The valuation in today's terms of a future sum or series of financial inflows, taking into account a particular rate of return.

Investment Cost

Investment cost refers to the total amount of money spent to acquire an asset, including purchase price and all associated expenses.

Metal Stamping Press

A machine used in the manufacturing sector to shape or cut metal into a desired form by pressing or punching.

Automated

The use of technology or machinery to perform tasks without human intervention.