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Ordinarily, If You Are Auditing a Continuing Client, It Is

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Ordinarily, if you are auditing a continuing client, it is unnecessary to test the accuracy objective or the classification objective for fixed assets acquired in prior years.


Definitions:

Tyranny of the Majority

A situation in a democratic setting where decisions made by a majority place its interests above those of an individual or minority group, potentially leading to oppression.

PACs

Short for Political Action Committees, these are organizations that raise money privately to influence elections or legislation, especially at the federal level.

United States

A federal republic in North America, composed of 50 states, a federal district, and other territories.

Pluralism

A political philosophy or system suggesting that multiple diverse groups can coexist, share power, and contribute to decision-making processes in a society.

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