The Initial Development of Auditing Standards Was in Response to

question 56

Multiple Choice

The initial development of auditing standards was in response to

• A)A scandal involving embezzlement that was not detected during an audit engagement.
• B)Auditors' concerns that all components of the financial statements were not being verified.
• C)Independent inquiries of the public accounting profession made by the SEC.
• D)Requests by companies for greater assurance with respect to the auditors' ability to detect financial statement misstatements.

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Definitions:

Long-Term Outcome Objectives

Goals intended to assess the impact or results of a project over an extended period.

Impact

The marked effect or influence of one thing on another.

Impact Evaluation

The assessment of the changes that can be attributed to a particular intervention, such as a program or policy.

Measurement

The process of obtaining a numerical value to represent a variable or attribute.