In an Effort to Harmonize International Auditing Standards on a Regional

question 39

Multiple Choice

In an effort to harmonize international auditing standards on a regional level, the European Union has issued directives pertaining to this end. Its Eighth Directive caused the United Kingdom to change the country's long-held standard for individuals wishing to be auditors. Which of the following is a new requirement for auditors in the UK?

• A) Auditors must be members of a recognized professional association, such as the ICAEW.
• B) New entrants to the auditing profession must hold a university degree in accountancy.
• C) Auditors may now be a citizen of any country in the European Union rather than just the UK.
• D) New members of the auditing profession must have a university degree.

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Definitions:

Unreasonably Dangerous

A description of a product's condition being beyond the expected level of danger for typical use, posing risks to users.

Ordinary Consumer

A term used to refer to an average person who buys goods and services for personal use.

Strict Product Liability

holds manufacturers, distributors, and sellers liable for damages caused by defects in their products, regardless of negligence or fault.

Plaintiff

An individual or entity that initiates a lawsuit or legal action against another party, known as the defendant.