Which of the Statements Is True with Regards the Basic

question 30

Multiple Choice

Which of the statements is true with regards the basic principles and essential procedures contained in the auditing standards?

• A) The auditor may depart from basic principles in order to achieve a more efficient audit.
• B) There should be no departure from basic principles and essential procedures.
• C) There should be no departure from basic principles and essential procedures should be undertaken
• In all except the rare circumstances where it is determined that the audit objective can be achieved
• More effectively with alternative procedures.
• D) There should be no departure from essential procedures and basic principles should be adhered to in all but the rare circumstances where they hinder audit efficiency.

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Definitions:

Differentiation Strategy

Differentiation strategy is a marketing approach in which a company develops and promotes products that distinguish themselves from those of competitors on the basis of attributes like design, quality, or performance.

Competitive Advantage

The unique attributes or circumstances that allow an organization to outperform its competitors, either through lower costs, better quality, or distinctive products or services.

Distinguishing Products

The process of identifying unique characteristics and benefits of products to differentiate them from competitors in the market.

Generic Strategies Model

The Generic Strategies Model is a framework developed by Michael Porter that outlines three strategies organizations can use to achieve competitive advantage: cost leadership, differentiation, and focus.