Negative Assurance Is Permissible In

question 31

Multiple Choice

Negative assurance is permissible in:

• A)reports relating to the results of agreed-upon procedures to one or more specified elements, accounts or items of a financial report.
• B)reports based on a performance audit of a government department.
• C)reports based upon an audit of the interim financial report of a closely held business entity.
• D)reports based upon a review engagement.

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Definitions:

Money Orders

A payment order for a pre-specified amount of money; it functions as a form of prepaid payment instrument.

Cash

Liquid assets held or accessed by an entity for transactions, funding liabilities, and operational purposes.

Sarbanes-Oxley Act

A United States federal law enacted in 2002 to protect investors from fraudulent financial reporting by corporations.

Public Confidence

Public confidence is the level of trust and belief that the general public has in the competence, integrity, and reliability of an institution, organization, or system.