Which Statement Is Not Correct

question 95

Multiple Choice

Which statement is not correct?

• A)Auditors gather evidence using tests of controls and substantive tests.
• B)The most important element in determining the level of materiality is the mathematical formula.
• C)Auditors express an opinion in their audit report.
• D)Auditors compare evidence to established criteria.

---

Definitions:

Accounting Services

Professional services that include the maintenance, auditing, and reporting of financial statements and records for individuals or businesses.

Free Foreign Trade

The exchange of goods and services across international borders or territories without the imposition of restrictions such as tariffs, quotas, or other barriers.

Trade Deficit

A situation where a country's imports of goods and services exceed its exports, indicating more money leaving the economy than entering it.

Exports

The act of selling goods or services produced in one country to other countries.