Assurance Provided by a Review Is Substantially Less Than an Audit.Which

question 86

Multiple Choice

Assurance provided by a review is substantially less than an audit.Which of the following statements is true regarding these services?

• A)A review requires more substantive evidence than an audit.
• B)An audit requires less evidence related to internal control than a review.
• C)A review requires less evidence than an audit.
• D)None of the above statements is true.

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Definitions:

Availability Bias

A cognitive bias that influences people to overestimate the importance of information available to them, impacting decision-making.

Similarity To Other Situations

The degree to which a current scenario or issue replicates the aspects or conditions of a different situation previously encountered.

Confirmation Error

A cognitive bias involving the tendency to search for, interpret, favor, and recall information in a way that confirms one’s preexisting beliefs or hypotheses.

Decision Already Made

Decision already made refers to situations where a conclusion or resolution has been reached before discussing or presenting it to others, often making subsequent deliberations or inputs appear redundant.