Which of the Following Statements Best Describes the Auditor's Responsibility

question 96

Multiple Choice

Which of the following statements best describes the auditor's responsibility regarding the detection of fraud?

• A) The auditor is responsible for the failure to detect fraud only when such failure clearly results from nonperformance of audit procedures specifically described in the engagement letter.
• B) The auditor is required to provide reasonable assurance that the financial statements are free of both material errors and fraud.
• C) The auditor is responsible for detecting material financial statement fraud, but not a material misappropriation of assets.
• D) The auditor is responsible for the failure to detect fraud only when an unqualified opinion is issued.

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Definitions:

Effect Sizes

Statistical measures that quantify the difference between two groups, indicating the magnitude of a treatment or intervention's effectiveness.

Eastern Countries

Geographic regions located in the eastern part of the world, often including nations in Asia, characterized by diverse cultures, traditions, and histories.

MBSR

Mindfulness-Based Stress Reduction, a program that uses mindfulness meditation to help people manage stress, anxiety, depression, and pain.

MBCT

Mindfulness-Based Cognitive Therapy, a psychological therapy designed to aid in preventing the relapse of depression.