Much of the Effort Spent in an Audit Entails the Collection

question 83

Multiple Choice

Much of the effort spent in an audit entails the collection of evidence.Verifying the accuracy of certain information,often through communication with certain third parties,is known in the language of the auditor as

• A)reperformance.
• B)confirmation.
• C)substantiation.
• D)documentation.

---

Definitions:

Financial Institutions

Financial institutions are organizations that provide financial services, including banks, credit unions, insurance companies, and investment firms, facilitating the flow of funds and financial transactions.

High-Income Countries

High-Income Countries are nations with a high gross national income per capita, often characterized by advanced economic development and complex industrial bases.

Continuous Supply

The ongoing provision of goods or services to meet constant or recurring demand.

Rules of The Game

Unwritten, socially accepted norms and practices that guide behavior and interactions in various situations.