PCAOB Auditing Standards Require the Auditor to Communicate Key Audit

question 25

True/False

PCAOB auditing standards require the auditor to communicate key audit matters or critical audit matters in the standard unqualified audit report.

---

Definitions:

Origin Contract

A contract which determines the initial terms and conditions set forth for an agreement or transaction.

Voidable Title

indicates that a title transfer may be nullified if the buyer discovers the seller did not have ownership rights or authority to sell the item in question.

Good-Faith Purchase

Buying property without knowledge of any existing claims or rights of others, believing the transaction to be honest and legal.

Goods-In-Bailment Contract

A contract where personal property or goods are transferred temporarily into the custody of another for a specific purpose but ownership remains with the bailor.