Following Are Several Statements Regarding Accounting Records or Audit Documentation

question 59

Multiple Choice

Following are several statements regarding accounting records or audit documentation. Which of the statements is correct?

• A)Accounting records belong to the auditee.
• B)Documentation of an auditor's understanding of the entity's internal control system is not necessary.
• C)Audit documents may be regarded as a substitute for the company's accounting records.
• D)The independent auditor may discard audit documents after two years.

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Definitions:

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