What Is the Primary Resource Used on an Audit Engagement

question 55

Multiple Choice

What is the primary resource used on an audit engagement?

• A) the client's IT systems
• B) the auditor's IT systems
• C) human resources of the audit firm
• D) the client's internal auditors

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Definitions:

Management Forecasts

Predictions or estimates made by a company's management regarding future business conditions, performance, and operational needs.

Quantitative Measurements

The process of capturing and analyzing numerical data to make decisions, assess outcomes, or evaluate performance.

Future Employment Needs

The projected requirements of the workforce, including the number and types of jobs available in the future.

Attrition

The gradual reduction in the number of employees through retirement, resignation, or death, not replaced by hiring new employees.