Which of the Following Is an Element of a CPA

question 55

Multiple Choice

Which of the following is an element of a CPA firm's quality control system that should be considered in establishing its quality control policies and procedures?

• A)Using the audit risk model.
• B)Using statistical sampling techniques.
• C)Assigning personnel to engagements.
• D)Considering audit risk and materiality.

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Definitions:

Foregone Interest

The potential interest income lost when choosing to invest capital in one option over another.

Idle Workers

Employees who are not engaged in production or work activities due to lack of work, broken machinery, or inefficient job allocation, often leading to wasted resources.

Finding Suppliers

The process of identifying and selecting vendors or suppliers who can provide the necessary materials, products, or services for a business.

Customer Service

The assistance and advice provided by a company to those people who buy or use its products or services.