The Auditor's Objective in Obtaining an Understanding of the Client's

question 28

True/False

The auditor's objective in obtaining an understanding of the client's business and risks is to design audit procedures that will serve as a basis for their report.

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Definitions:

Hemisphere

Half of the earth, usually divided into northern and southern halves by the equator, or into western and eastern halves by an imaginary line passing through the poles.

Majority

A term referring to the greater part or number; in a group, the majority is more than half of its members.

Minority

A subgroup within a population that differs from the majority in cultural, ethnic, racial, social, or political characteristics.

Genome

All the genes or genetic content located in an organism or one of its cells.