Which of the Following Is Not a Standard Contained in Both

question 83

Multiple Choice

Which of the following is not a standard contained in both the Attestation Standards and Generally Accepted Auditing Standards with regards to the standards of field work?

• A)The examination is to be performed by a person having adequate technical training.
• B)An independence in mental attitude is to be maintained.
• C)Sufficient evidence is to be obtained.
• D)The practitioner must obtain a sufficient understanding of the client's internal control.

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Definitions:

Indubitable Equivalent

A term in bankruptcy law referring to a replacement of collateral that is unquestionably equal in value to the original collateral.

Granted A Discharge

The release of a debtor from the obligation to repay his or her debts, typically occurring at the conclusion of a bankruptcy case.

Liquidation Proceeding

A legal process in which a company's assets are distributed to claimants, conducted when the company is insolvent and unable to meet its debt obligations.

Priority Claims

Claims in bankruptcy that are given precedence over other debts, often due to their importance like wage or tax claims.