The Basic Elements of the Auditor's Standard Report for a Corporations

question 25

Multiple Choice

The basic elements of the auditor's standard report for a Corporations Act 2001 audit include all of the following except:

• A)a title that includes the word 'independent'.
• B)a statement that the financial report is the responsibility of the company's directors.
• C)a statement that accounting estimates are reasonable, but that there will normally be differences between estimated and actual results.
• D)a statement that an audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial report.

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Definitions:

State Law

Laws and regulations that are established and enforced by the individual states within a country.

Vary

To change or alter in form, appearance, or nature, often with the implication of slight differences.

Federal Minimum Wage Requirements

The lowest legal hourly wage that employers can pay their workers as mandated by federal law.

Congress

The legislative branch of the United States federal government, composed of the House of Representatives and the Senate.