The Responsibilities Section of the Principles Underlying an Audit Conducted

question 7

Multiple Choice

The Responsibilities section of the Principles Underlying an Audit Conducted in Accordance with GAAS states that auditors are responsible for having appropriate competence and:

• A)independence with respect to the financial statements and supplementary disclosures.
• B)exercising professional care as judged by peer reviewers.
• C)capabilities to perform the audit.
• D)objectivity as an auditor as verified by proper supervision.

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Definitions:

English Law

The legal system of England and Wales, which is based on common law principles, statutes, and legal precedents.

Statute of Frauds

A legal doctrine requiring certain types of contracts to be in writing and signed by the party to be charged in order to be legally enforceable.

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the parties involved to be legally enforceable.

Legal Studies Lecturer

An academic professional specializing in the teaching and research of law and its various branches.