One of the Key Differences Between a Financial Statement Audit

question 45

Multiple Choice

One of the key differences between a financial statement audit and a value for money (VFM) audit is ________.

• A)in most cases,VFM audits have mandates established through legislation or contracts
• B)in a financial statement audit,the auditor has to use his or her professional judgment to redefine the broad mandate in specific terms with specific objectives
• C)in a VFM audit,standards are defined by professions and associations
• D)in a financial statement audit,sufficient appropriate evidence must be obtained to afford a reasonable basis to support the content of the auditor's report

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Definitions:

Productive And Able

Being capable of efficiently producing significant results, outputs, or achievements through skill, effort, or capability.

Marriages End In Divorce

A statistical fact indicating that a significant proportion of marriages legally terminate in a divorce.

United States

A country located in North America, consisting of 50 states, known for its significant influence on global politics, economy, and culture.

Eager To Retire

Being eager to retire indicates a strong desire or readiness to leave one's job and cease working, typically due to reaching retirement age or seeking a change in lifestyle.