For Each of the Items Below,indicate Through the Appropriate Letter

question 57

Short Answer

For each of the items below,indicate through the appropriate letter the fundamental principle to which the item is most closely related.
A.Responsibilities principle
B.Performance principle
C.Reporting principle
1___.Maintaining professional skepticism.2___.An auditors' overall conclusion of the fairness of the client's financial statements.3___.The use of an audit plan to identify audit procedures to be performed during the engagement.4___.Auditors' assessment of the risk of material misstatement.5___.Accounting firm policies with respect to the level of expected continuing professional education.6___.Expressing an opinion in accordance with the auditor's findings.7___.Proper supervision of assistants on the audit.8___.Auditors' requests to obtain bank statements directly from financial institutions with whom the client does business.9___.An indication that an opinion cannot be expressed.10___.Determining and applying an appropriate materiality level.

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Definitions:

Expense

An outflow of cash or other valuable assets that a business incurs as a result of its operations intended to generate revenue.

Liability

Financial obligations or debts that a company owes, which are settled over time through the transfer of economic benefits including money, goods, or services.

Trial Balance

A report that lists all the balances of the general ledger accounts to check the correctness of bookkeeping entries.

Entry Posted

The action of recording an accounting entry in the ledger, which finalizes the transaction and makes it part of the financial records.