In the Audit Approach for Assessing Fair Value,which Should the Auditor

question 78

Multiple Choice

In the audit approach for assessing fair value,which should the auditor determine for Level 2 assets?

• A)The correspondence of the client's assets to similar assets in an active market.
• B)Contingent liabilities.
• C)Sensitivity of model used for marking to model.
• D)The performance of tests of controls.

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Definitions:

Orthopneic

Pertaining to a position assumed by patients to ease breathing, often sitting up straight or leaning forward.

Position

The location or orientation of an object or individual in relation to its surroundings.

-trophy

The suffix "-trophy" relates to growth and is used to form nouns indicating the nourishment or development of a particular part or organ (e.g., hypertrophy, atrophy).

Atrophy

The wasting away or decrease in size of an organ or tissue due to disease, injury, or lack of use.