Audit Documentation Should Contain Which of the Following

question 50

Multiple Choice

Audit documentation should contain which of the following?

• A)A heading that includes the name of the audit client,an explanatory title,and the balance sheet date.
• B)The initials or electronic signature of the auditor performing the audit test and the date the test was completed.
• C)The initials or electronic signature of the manager or partner who reviewed the documentation and the date the review was completed.
• D)All of the above.

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Definitions:

Marginal Utility

The incremental benefit or satisfaction a buyer obtains from the consumption of one more unit of a good or service.

Law

A system of rules created and enforced through social or governmental institutions to regulate behavior.

Comparative Advantage

A situation in which a person or country can produce a specific product at a lower opportunity cost than some other person or country; the basis for specialization and trade.

Utility-Maximizing

The economic principle that individuals or firms seek to get the greatest satisfaction or profit from their resource choices.