Which of the Following Would Not Be Included in an Auditor's

question 4

Multiple Choice

Which of the following would not be included in an auditor's permanent file?

• A) the client's organizational chart
• B) copies of long-term contracts
• C) copies of accounts receivable confirmation letters
• D) prior years' audit reports

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Definitions:

Substitutes

Products or services that can be used in place of each other, offering consumers alternatives if prices change.

Time Period

A specific interval of time that is defined for a particular study, event, or analysis.

Total Revenue

A rephrased definition: The cumulative income of a business from its sale of products or services, equivalent to the price of goods sold multiplied by the quantity sold.

Price Cut

A reduction in the selling price of products or services, typically to stimulate demand or respond to competition.