Examlex
Indicate whether you agree or disagree with the following statements and explain your reasoning.
a) Rejean Tremblay feels that an internal auditor that reports to the chief financial officer of the company can be as independent as an auditor that reports to the audit committee.
b) Angela Pelletier discovered a very material overstatement in the financial statements of McKenzie Growth. She felt that the misstatement would have an impact on the decisions of users of the financial statements, and indicated to her audit senior that she would be including it as an "emphasis of matter" paragraph in the audit report.
c) An auditor is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards, and for such internal control as is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
d) An assurance engagement involves evaluation or measurement of subject matter against criteria.
Probability Assignment
The process of assigning a numerical value, ranging from 0 to 1, to the likelihood of the occurrence of an event.
Plastic Arrow
An arrow made primarily of plastic, used for recreational archery or as a toy.
Legitimate
Describes something that is lawful, permissible, and recognized as valid or justified within a specific context.
Blood Type A
A blood group in the ABO blood typing system, characterized by the presence of the A antigen on the surface of red blood cells.
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