The Auditor's Responsibilities Section of the Standard Unmodified Opinion Audit

question 49

Multiple Choice

The auditor's responsibilities section of the standard unmodified opinion 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.

---

Definitions:

Not-for-Profit Organizations

Entities that operate for purposes other than making a profit, often focused on charity, education, or public service missions.

Economic Decisions

The choices made by individuals, households, businesses, or governments regarding the allocation of scarce resources.

Microeconomics

The branch of economics that studies the behavior of individuals and small impacting organizations in making decisions on the allocation of limited resources.

World Economy

The global system of economic activity and the interconnected economies of nations, including trade, investment, and financial markets.