Which of the Following Is Not an Element of an Assurance

question 38

Multiple Choice

Which of the following is not an element of an assurance engagement?

• A)Three-party relationship.
• B)Approved assurance standards.
• C)Sufficient appropriate evidence.
• D)A written assurance report.

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Definitions:

Restricted Fund Method

An accounting method used by not-for-profit organizations to distinguish between resources that are restricted by donor-imposed stipulations and those that are not.

Internally Restricted

Funds or assets within an organization that are designated for a specific purpose by the entity's management, not external restrictions.

Externally Restricted

Funds or resources that are restricted in use by external parties or agreements, often specified for particular purposes or projects.

Diversity

The inclusion of different types of people (such as people of different races, cultures, or genders) in a group or organization.