External Auditors Should Expect the Audit Committees at Their Clients

question 98

Multiple Choice

External auditors should expect the audit committees at their clients to ask them relevant and probing questions.Some of the relevant questions that audit committee members should ask the external auditor include all of the following except:

• A)What are the most significant risks to financial reporting at this company?
• B)What level of assurance do your procedures provide with respect to the annual financial statements?
• C)How do you calculate materiality and what is your materiality threshold for the engagement?
• D)How do you assess the competence of company personnel engaged in financial reporting and related processes?

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Definitions:

Contributions

imply donations or payments made towards a particular cause, group, or effort, or the act of giving towards something.

Self-Employed

A status wherein an individual works for themselves rather than being employed by a company or organization, taking on contracts or gigs independently.

Canada Pension Plan

A social insurance program in Canada providing retirement, disability benefits, and survivor benefits to eligible individuals.

Employee Benefit Programs

Packages offered by employers which may include retirement plans, health insurance, life insurance, and other perks, intended to attract and retain employees.