AR-C 90 Requires Adequate Documentation for a Review Engagement

question 5

Multiple Choice

AR-C 90 requires adequate documentation for a review engagement.Which items are required to be documented?

• A)Analytical procedures: Yes; Management representations: No; Understanding of internal controls: No
• B)Analytical procedures: No; Management representations: Yes; Understanding of internal controls: No
• C)Analytical procedures: Yes; Management representations: Yes; Understanding of internal controls: No
• D)Analytical procedures: Yes; Management representations: Yes; Understanding of internal controls: Yes

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Definitions:

Trademark Rights

Legal rights granted to the owner of a trademark, protecting the distinctive symbols, names, and slogans used to identify their goods or services.

Third Party

An individual or entity that is involved in a transaction but is not one of the principal parties.

Recover Expenses

The act of obtaining reimbursement for costs that were incurred for a specific purpose or activity.

Implied Warranty

Is an assurance automatically applied by law, suggesting that a product is fit for its intended purpose and meets a basic level of quality.