Under Generally Accepted Auditing Standards, Which of the Following Relates

question 32

Multiple Choice

Under generally accepted auditing standards, which of the following relates to the responsibilities principle?

• A)The initial planning of the audit engagement.
• B)The confirmation of accounts receivable.
• C)The completion of an internal control questionnaire.
• D)Maintaining professional skepticism and exercising professional judgment.

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Definitions:

Expense Ratio

A measure of the cost of operating a mutual fund, calculated as a percentage of the fund's total assets.

Rate of Return

A measure of the gain or loss on an investment over a specified period, expressed as a percentage of the investment’s cost.

Front-end Load

A sales charge or commission paid when an individual buys an investment, such as a mutual fund.

Commission

A service charge assessed by a broker or investment advisor for investment activity, such as buying or selling securities.