​Define Response Cost

question 3

Essay

​Define response cost.

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Definitions:

Duty of Trust

An obligation that requires a party, typically in a fiduciary role, to act in the best interest of another party.

Confidentiality

The obligation to keep information shared in a privileged relationship secret, preventing unauthorized disclosure of private information.

Professional

An individual who has specialized skills, knowledge, and expertise in a particular field or occupation, typically acquired through education and training.

Generally Accepted Auditing Standards (GAAS)

The principles auditors must adhere to while conducting audits on companies' financial statements.