Which Element(s)is/are Pervasive to the Application of the Principles Underlying

question 23

Multiple Choice

Which element(s) is/are pervasive to the application of the Principles Underlying an Audit Conducted in Accordance with GAAS particularly the Performance and Reporting sections?

• A)The elements of materiality and audit risk.
• B)The element of internal control.
• C)The element of corroborating evidence.
• D)The element of reasonable assurance.

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Definitions:

Ledger

A comprehensive collection of a company's financial accounts, used for recording all financial transactions.

Debits

Entries on the left side of an account ledger, indicating an increase in assets or decrease in liabilities and equity.

Credits

Entries in accounting that increase liabilities, revenue, or equity accounts, or decrease asset or expense accounts, reflecting a gain in financial statements.

Chart of Accounts

An organized list of all accounts in a business entity's financial records, each with a unique identifier.