An Audit Performed in Accordance with Generally Accepted Auditing Standards

question 9

Multiple Choice

An audit performed in accordance with generally accepted auditing standards generally should:

• A)Be expected to provide absolute assurance that noncompliance with all laws will be detected where internal control is effective.
• B)Be relied upon to disclose violations of truth in lending laws.
• C)Encompass a plan to actively search for all illegalities which relate to operating aspects.
• D)Not be relied upon to provide absolute assurance that all noncompliance with laws will be detected.

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Definitions:

Less Effort

The minimal amount of work or energy applied to accomplish a task or objective.

Relationship

A connection or association between two or more concepts, objects, or individuals, often highlighting how they interact or affect each other.

Commission-Paid

Refers to compensation based on a percentage of the sales amount, given to salespeople or agents upon completing a sale or transaction.

Sale Probability

The likelihood or chance that a product or service will be sold, often estimated through analysis of market trends and consumer behavior.