When an Auditor Is Associated with the Preparation of Forecasts

question 14

Multiple Choice

When an auditor is associated with the preparation of forecasts, all of the following should be disclosed except the:

• A)character of the work performed by the auditor.
• B)sources of information.
• C)probability of achieving estimates.
• D)major assumptions in the preparation of the forecasts.

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Definitions:

Output Per Worker

A measure of labor productivity calculated by dividing total output by the number of workers.

GNP

Gross National Product, which is the total value of all goods and services produced by the residents of a country within a specific time period.

GDP

Gross Domestic Product, a measure of the total economic output of a country, representing the total value of all goods and services produced over a specific time period.

Natural Resources

Raw materials and components found in nature that can be used to produce goods and provide services, such as water, forests, and minerals.