Auditing Involves the

question 56

Multiple Choice

Auditing involves the

• A)collection,review,and documentation of audit evidence.
• B)planning and verification of economic events.
• C)collection of audit evidence and approval of economic events.
• D)testing,documentation,and certification of audit evidence.

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Definitions:

Financial Accounting

The field of accounting focused on the preparation and reporting of financial statements to external users based on historical information.

Planning

The process of creating strategies and outlining tasks to achieve a specific goal.

Directing

The process of guiding, leading, and managing employees in an organization to achieve its objectives.

Controlling

The process of monitoring, comparing, and correcting activities to meet organizational goals and objectives, often part of managerial accounting.