Examlex
Audit sampling is the application of an audit procedure to less than 100 percent of the items within an account balance or class of transactions for the purpose of evaluating some characteristic.
Business Judgment Rule
A legal principle that protects company directors from liability for decisions made in good faith and in the interest of the company.
Good Faith
The honest intention to act without taking an unfair advantage over another party during the execution of deals, contracts, and transactions.
Ultra Vires Defense
A legal defense arguing that a corporation acted beyond the scope of its powers as defined in its charter or laws.
State's Attorney General
The chief legal advisor and law enforcement officer of a state or territory, responsible for representing the public interest and prosecuting legal actions.
Q9: An auditor should give equal emphasis to
Q19: LEXIS is a public database where the
Q21: Professional auditing standards and financial accounting principles
Q50: All marketable securities are carried at fair
Q71: Which of the following procedures is a
Q76: Electronic authorization privileges for cash transactions may
Q78: Increasing the expected failure rate will cause
Q79: Audit documentation should generally be retained for
Q90: Valuation is the most complex assertion related
Q93: If the auditor's assessment is that there