The Performance Section of Principles Underlying an Audit Conducted in Accordance

question 26

Multiple Choice

The Performance section of Principles Underlying an Audit Conducted in Accordance with GAAS states that for auditors to obtain reasonable assurance, they need to do all of the following except:

• A)make sure all audit team members have adequate training.
• B)obtain sufficient appropriate audit evidence.
• C)identify and assess risks of material misstatement.
• D)determine and apply appropriate materiality levels.

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Definitions:

Maximum Satisfaction

The highest level of satisfaction or utility achieved by a consumer through the consumption of goods and services.

Economic Principles

Fundamental theories and concepts that underpin the study of economics, guiding the analysis of economic behavior.

Value Judgments

Assessments or opinions based on personal values, ethics, or tastes, rather than objective data.

Positive Economic Statement

An objective statement that can be tested or validated and is based on factual information.