Which of the Following Statements Regarding Key Audit Matters (KAMs)is

question 63

Multiple Choice

Which of the following statements regarding key audit matters (KAMs) is not correct?

• A)The auditor issues a separate opinion on identified KAMs.
• B)The order of presentation of individual KAMs is a matter of professional judgment.
• C)KAMs are a subset of matters communicated to those charged with corporate governance.
• D)The nature of a KAM will vary according to the client's industry.

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Definitions:

Sherman Antitrust Act

A law passed in 1890 to eliminate monopolies and guarantee competition.

Monopolies

Market structures characterized by a single seller dominating the entire market for a particular product or service, restricting competition.

Consumer Purchases

Transactions made by individuals or households for items that fulfill their personal needs or desires, as opposed to business or commercial buying.

Demographics

Statistical data relating to the population and particular groups within it, often used for targeting in marketing and research.