Which Concept Recognizes That a GAAS Audit May Fail to Detect

question 49

Multiple Choice

Which concept recognizes that a GAAS audit may fail to detect all material misstatements?

• A) Absolute assurance.
• B) Due care.
• C) Reasonable assurance.
• D) Risk of material misstatement.

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Definitions:

Advanced Menu

A section in software or websites that offers additional, more complex options and settings not found in the basic menu.

Calculated Field

A data field that stores results based on calculations performed on other fields in a database or spreadsheet.

Split Form

In database software, a form type that simultaneously displays data in a form view and a datasheet view, facilitating data entry and browsing.

Book Rep

A representative specializing in the promotion and sales of books, often working for a publishing company.