When Providing Limited Assurance That the Reviewed Financial Statements of a Nonpublic

question 2

Multiple Choice

When providing limited assurance that the reviewed financial statements of a nonpublic entity require no material modifications to be in accordance with generally accepted accounting principles,the accountant should

• A)assess the risk that a material misstatement could occur in a financial statement assertion.
• B)confirm with the entity's lawyer that material loss contingencies are disclosed.
• C)understand the accounting principles of the industry in which the entity operates.
• D)develop audit plans to determine whether the entity's financial statements are fairly presented.

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Definitions:

William James

An American philosopher and psychologist, often referred to as the "Father of American psychology," known for his work in pragmatism and functionalism.

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