Which of the following best describes the general character of the three principles that are listed in the Performance section of the Principles Underlying an Audit Conducted in Accordance with GAAS?
A. The purpose and value of a financial statement audit and lays out the responsibilities of management for an effective audit to be possible.
B. Auditors' responsibilities in performing an effective audit.
C. Auditors provide a written report that expresses their opinion about the financial statements.
D. The fundamental responsibilities and characteristics of an auditor.
Answer: B
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The Reporting section of Principles Underlying an Audit Conducted in Accordance with GAAS requires the auditor's report to contain either an expression of opinion regarding the financial statements taken as a whole or an assertion to the effect that an opinion cannot be expressed. The objective of this requirement is to prevent:
A. an auditor from expressing different opinions on each of the basic financial statements. B. misinterpretations regarding the degree of responsibility the auditor is assuming. C. an auditor from reporting on one basic financial statement and not the others. D. management from reducing its final responsibility for the basic financial statements.
UHON Research Group has tested the hypotheses regarding the IQ of university honor students. They provided the following information. ? H0: µ ? 144Ha: µ > 144 (Genius)Sample size n = 121 Sample mean = 145 p-value = .0054 a.Using ? = .015, would you reject or not reject the null hypothesis? Explain how you arrived at your answer and what you can conclude about the IQ scores of UHON students?b.The researchers failed to report the standard deviation. Determine the standard deviation. Use the normal distribution table to answer this question and show your complete work.
What will be an ideal response?
When calculating the confidence interval, if the population standard deviation is not known, it is replaced in the confidence interval boundary formula with…
a. the sample range b. the sample standard deviation c. n - 1 d. A confidence interval should not be computed if the population standard deviation is unknown.
Adam was an employee of ABC Corporation and he discovered the management was hiring illegal immigrants in most of its factories. He raised objection against the employer's practices and provided information to the law enforcing agencies regarding the illegal activities. The employer retaliated against Adam by terminating his employment. In this scenario, Adam is protected under:? A)
?Pennsylvania Human Relation Act which prohibits employee retaliation. B) ?Section 203 and Section 806 of the Sarbanes-Oxley Act for illegal strikes. C) ?OSHA and Title VII which protect employees who blow the whistle on illegal practice. D) ?Section 203 of Title VII for breach of contract.