Under AICPA Auditing Standards, the Primary Auditor Issuing the Opinion

question 79

Multiple Choice

Under AICPA auditing standards, the primary auditor issuing the opinion on the financial statements is called the

• A) component auditor.
• B) principal auditor.
• C) group engagement partner.
• D) majority auditor.

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Definitions:

Order Paper

A financial instrument made out to a specific individual or entity and can only be transferred to a new holder when endorsed by the named party.

Special Indorsement

An endorsement on a negotiable instrument, such as a check, that specifies the person to whom or to whose order the money is to be paid.

Bearer Paper

A negotiable instrument or document of title that entitles the holder or bearer to the rights specified in the document, without needing to prove ownership.

Negotiable Instrument

A written document guaranteeing the payment of a specific amount of money, either on demand or at a set time.