Substantial Equivalency Refers to

question 61

Multiple Choice

Substantial equivalency refers to

• A) An auditor's tendency not to believe management's assertions without sufficient corroboration.
• B) Providing consulting work for another firm's audit client in exchange for the other firm's providing consulting services to one of your clients.
• C) The waiving of certification exam parts for an individual holding an equivalent certification from another professional organization.
• D) Permitting a CPA to practice in another state without having to obtain a license in that state.

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Definitions:

Non-Zero-Sum

In game theory, scenarios in which the total win or loss of all participants combined is not equal to zero, meaning one party's gain is not necessarily another's loss.

Distributive Situation

A scenario in negotiation or conflict resolution where parties vie for the division of limited resources.

Zero-Sum Situation

A scenario in negotiations or competitions where one party’s gain is exactly balanced by another party’s loss.

Positive Correlation

A relationship between two variables where they move in the same direction.