The Statement of Auditing Standards SAS No 1 States Select

question 61

Essay

The Statement of Auditing Standards SAS No 1 states select the most correct answer:
A. management is responsible for adopting sound accounting policies and for establishing and maintaining internal control consistent with management's assertions embodied in the financial statements.
B. management is responsible for adopting sound accounting policies which will result in adequate protection of entrusted assets.
C. management is responsible for adopting sound accounting principles which will result in accurate and proper financial statements.
D. management is responsible for adopting sound internal control policies which will protect entity assets from reasonable loss and damage.

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Definitions:

Quantitative Measure

Numerical indicators used to evaluate, compare, or track performance or production.

Productivity

The measure of the effectiveness of a production system, usually quantified as the ratio of output to input over a specific period.

Efficiency

The ratio of useful output to total input, highlighting the effectiveness of a process, system, or organization in utilizing resources.

Intensive Technology

Focuses the efforts and talents of many people to serve clients.