What Is the Most Important Purpose That Is Achieved by Having

question 9

Multiple Choice

What is the most important purpose that is achieved by having an auditor write a formal engagement letter that is signed by the client?

• A)Documented proof of auditor responsibility for financial statements in accordance with GAAP.
• B)Multiple degrees of legal separation of the client from the auditor.
• C)A locking-in of fees and timetable that must be adhered to by the client.
• D)A communication and clarification of the responsibilities and expectations of the auditor and the client.

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Definitions:

Voice Recognition

A technology that allows devices to identify and interpret human speech, enabling hands-free control and interaction.

AI

Artificial Intelligence (AI) refers to the simulation of human intelligence in machines programmed to think and learn like humans.

IoT

Stands for Internet of Things, referring to the network of physical objects—devices, vehicles, appliances—that use sensors and APIs to connect and exchange data over the internet.

NFC

Near Field Communication, a set of communication protocols enabling two electronic devices to establish communication by bringing them within a few centimeters of each other.