Auditing Standards (SAS No

question 46

Multiple Choice

Auditing standards (SAS No. 99 and SAS No. 54) require the auditor to communicate all management frauds and illegal acts to the audit committee:

• A) only if the act is immaterial.
• B) only if the act is material.
• C) only if the act is highly material.
• D) regardless of materiality.

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Definitions:

B2B Process

Business-to-Business Process refers to the procedures and activities involved in the exchange of goods, services, or information between businesses.

Surgical Equipment

Medical tools and devices that are specifically designed and used for performing surgical procedures.

Decider

The buying center participant who ultimately determines any part of or the entire buying decision—whether to buy, what to buy, how to buy, or where to buy.

Custom Drawer Liners

Specifically designed and manufactured liners for drawers that can be customized to fit various sizes and styles, often used to protect the drawer's surface or to add an aesthetic appeal.