To Obtain Reasonable Assurance,which Is a High,but Not Absolute Level

question 9

Multiple Choice

To obtain reasonable assurance,which is a high,but not absolute level of assurance,the auditor:

• A)performs the work and properly supervises the client
• B)assumes appropriate materiality level or levels
• C)identifies and assesses risks of fraud based on an understanding of the entity and its environment,including the entity's internal control
• D)obtains sufficient appropriate audit evidence about whether material misstatements exist

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Definitions:

Budget Meeting

A gathering focused on discussing and planning financial allocations, expenses, and revenues for a certain period.

Board of Directors

A group of individuals elected to represent shareholders and provide oversight to the management of a corporation.

Mutual Agreement

A consensus reached by two or more parties where all individuals involved agree upon terms or conditions.

Promote Individuality

Encouraging or supporting the unique qualities and self-expression of individuals.