Which of the Following Is Not One of the Fundamental

question 34

Multiple Choice

Which of the following is not one of the fundamental principles underlying the objective of an audit?

• A)Knowledge.
• B)Client satisfaction.
• C)Evidence.
• D)Documentation.

---

Definitions:

Oral Contract

An agreement between parties spoken and agreed to aloud rather than written, yet is legally binding.

Consideration

The benefit, interest, right, or profit involved in an agreement or contract, on which it is based.

Statute of Frauds

A legal concept requiring certain types of agreements to be executed in writing and signed by the parties involved to be enforceable.

Collateral Promises

Agreements that are secondary to a primary transaction or promise, often requiring the backup of an asset as security.