The Objective of the Second PCAOB Standard of Reporting Is

question 58

Multiple Choice

The objective of the second PCAOB Standard of Reporting is to provide assurance that

• A) There are no variations in the format and presentation of financial statements.
• B) Substantially different transactions and events are not accounted for on an identical basis.
• C) The auditor is consulted before material changes are made in the application of accounting principles.
• D) The comparability of financial statements between periods is not materially affected by changes in accounting principles that are not disclosed.

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Definitions:

Currency

A field type in databases designed to store monetary values, ensuring accuracy and precision for financial calculations.

Compacting

The process of reducing the size of a file or database by eliminating unused space, thereby improving performance and efficiency.

Repairing The Database

The process of fixing issues and restoring a database to a correct, functioning state, often involving the repair of corrupted data.

Sorting The Records

The process of arranging data in a specific order within a database based on one or more fields.