Which of the Following Statements Is True Concerning Auditors' Responsibilities

question 16

Multiple Choice

Which of the following statements is true concerning auditors' responsibilities during the audit?

• A)Auditors must exercise the level of care,skill,and judgment expected of a reasonably prudent auditor under the circumstances.
• B)Auditors must plan the audit to gather sufficient competent evidence to guarantee the accuracy of the financial statements.
• C)Auditors are strictly liable for failures to discover client fraud.
• D)Auditors are not liable unless they commit gross negligence or intentionally disregard generally accepted auditing standards.

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Definitions:

Programs

Structured plans or initiatives designed to achieve certain goals or outcomes, often referring to software in computing contexts.

Sunglasses

Protective eyewear designed to prevent bright sunlight from damaging or discomforting the eyes.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than others.

Absolute Disadvantage

A situation where an individual, country, or company is less efficient in producing goods or services compared to another.