Which of the Following Is Explicitly Included as a Part

question 26

Multiple Choice

Which of the following is explicitly included as a part of the description of management's responsibility in an unmodified audit report?

• A) Management is responsible for making a judgment on which misstatements are material vs. immaterial.
• B) Management is responsible for providing auditors with all relevant evidence.
• C) Management is responsible for the maintenance of internal control.
• D) Management is responsible for listing all illegal acts with a direct effect on financial statement amounts and disclosures.

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Definitions:

Market Control

A form of control obtained through competitive advantage, allowing entities to influence market conditions or prices.

Customer Feedback

Information provided by clients about their experiences with a product or service, used to improve business offerings.

Performance Opportunity

A situation that offers the chance for a better future if the right steps are taken.

Performance Results

The outcomes or outputs produced by an individual, team, or organization, measured against intended goals or standards.