Which of the Following Is Generally True About the Sufficiency

question 3

Multiple Choice

Which of the following is generally true about the sufficiency of audit evidence?

• A)The amount of evidence that is sufficient varies directly with the acceptable risk of material misstatement.
• B)The amount of evidence concerning a particular account varies inversely with the materiality of the account.
• C)The amount of evidence concerning a particular account varies inversely with the inherent risk of the account.
• D)When evidence is appropriate with respect to an account it is also sufficient.

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Definitions:

Greatest Degree

The highest level or extent of something, often used to describe the intensity or severity of a condition or action.

Frank R. Lautenberg

A United States Senator known for his work on environmental and public health issues, among other political contributions.

Risk Assessment

The process of identifying, analyzing, and evaluating risks associated with a specific situation or recognized threat.

Commercial Chemicals

Chemical substances used in manufacturing processes or sold for industrial or professional use.