Andy Szypula, the Audit Manager, Was Explaining to His New

question 4

Multiple Choice

Andy Szypula, the audit manager, was explaining to his new audit team how management assertions work when assessing the risk of material misstatements. He made two statements to his audit team: Auditors use assertions for account balances.
Auditors use assertions for presentations and disclosures.
Which of these statements were true?

• A) (i) only
• B) (ii) only
• C) both (i) and (ii)
• D) neither (i) nor (ii)

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Definitions:

Evaluative Services

Services designed to assess, appraise, or judge the quality, importance, or value of something, often within a healthcare or educational setting.

Accepted Standards

Generally agreed upon criteria or norms that guide practices or operations within specific fields.

Certificate Of Waiver

A document that grants permission to deviate from standard regulatory requirements under specified conditions.

Agency Provides

The act of supplying or making available services or resources by an organization.