The Public Expects Auditors to

question 17

Multiple Choice

The public expects auditors to

• A)understand and enforce principles that best portray the spirit of FASB concepts.
• B)be neutral to preparers and users of financial information.
• C)recognize that the public are the primary users of audit services.
• D)take more responsibility for the discovery of fraud.
• E)all of the above are expectations of the public.

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Definitions:

Types Of Accounts

Types of accounts refer to the various categories under which financial transactions are recorded in accounting, including assets, liabilities, equity, revenue, and expenses.

Normal Balance

The side (debit or credit) of an account that is expected to have a greater value, based on the accounting equation.

Onscreen Forms

Digital or virtual forms displayed on a computer or other digital device's screen, allowing for electronic data entry.

QuickBooks

Accounting software designed for small to medium-sized businesses, offering on-premise accounting applications as well as cloud-based versions.