Which of the Following Statements Is True Concerning Auditors' Responsibilities

question 16

Multiple Choice

Which of the following statements is true concerning auditors' responsibilities during the audit?

• A)Auditors must exercise the level of care,skill,and judgment expected of a reasonably prudent auditor under the circumstances.
• B)Auditors must plan the audit to gather sufficient competent evidence to guarantee the accuracy of the financial statements.
• C)Auditors are strictly liable for failures to discover client fraud.
• D)Auditors are not liable unless they commit gross negligence or intentionally disregard generally accepted auditing standards.

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Definitions:

Civil War

An internal conflict within a country or nation between factions or regions, often characterized by armed struggle and political instability.

Manufacturing Output

The total value of goods produced by the manufacturing sector of an economy within a specific period.

United States

A country located in North America, consisting of 50 states and a federal district, known for its significant influence on global politics, economy, and culture.

Unemployment Insurance

A program organized by the government that offers monetary support to jobless individuals who fulfill specific qualifying criteria.