Sources of Information Used for Determining Substantive Procedures Include Which

question 63

Multiple Choice

Sources of information used for determining substantive procedures include which of the following?

• A)knowledge of client's business and industry.
• B)assessment of risk of material misstatement.
• C)results of analytical procedures.
• D)all of the above.

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Definitions:

Bargained-For Exchange

An agreement between parties where each receives something of value in exchange for something else.

Nominal Consideration

A minimal amount given in a contract that is not calculated by the actual value of the transaction but is symbolic, to make the agreement legally binding.

Moral Obligations

Ethical duties that a person feels compelled to perform based on personal beliefs about right and wrong, despite not being enforceable by law.

Illusory

Appearing to be real or possible, but actually being deceptive or unreal.