The Auditing Standards Board of the AICPA Has Undertaken a Clarity

question 65

Multiple Choice

The Auditing Standards Board of the AICPA has undertaken a Clarity and Convergence Project whose aim is to make GAAS easier to read, apply and converge with International Audit Standards. As a result the GAAS will become "Auditing Principles". The principles will be consistent with the three categories of GAAS. Accordingly, which of the following is true?
I The General Standards will be termed Responsibilities Principles.
II. The Fieldwork Standards will be termed Performance Principles.
III. The Reporting Standards will be termed Communication Principles.

• A) I and II
• B) I and III
• C) II and III
• D) I, II and III

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Definitions:

Dump Valve

A valve designed to quickly release pressure, fluids, or gases from a system, used in various applications including turbo engines.

Brake Feel

The feedback or sensation that a driver perceives from the brake system when applying the brakes, including pedal firmness and responsiveness.

Foot Valve Spring Force

The force exerted by the spring in a foot valve, which is crucial in maintaining the valve's closing pressure and effective operation.

Service Application Pressure

The pressure applied by a service (like hydraulic or pneumatic systems) required to accomplish a specific task or operation within a system.