Which of the following items should an auditor communicate to an audit committee?
a. Any meaningful threats to auditor objectivity.
b. The scope of the audit.
c. The qualitative aspects of the entity's accounting and reporting and potential ways of improving financial reporting.
d. All of the above.
d
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"Hypercompetition" refers to companies that are successful and find sustainable competitive advantages
Indicate whether the statement is true or false
When demand hardly changes with a small change in the price of a product, the demand for the product is best described as ________
A) elastic B) flexible C) inelastic D) variable E) cyclical
Answer the following statements true (T) or false (F)
1.A bonus is a payment typically provided to a salesperson for selling an item to a customer and is usually paid as a percentage of the price of an item that is sold. 2.A program to reward top performers with increases in their annual wage that carry over from year to year is called entitlement pay. 3.In a straight piece-rate compensation plan, each task is assigned a normal amount of work time for completion. 4.Entitlements pay a portion of company proceeds to the highest performing employees of the firm through a bonus payment. 5.Entitlements provide executives who are dismissed from a merged or acquired organization with typically large lump sum payments on dismissal.
A change in the ________ environment can affect consumer purchases of homes, cars, and other items usually bought on credit.
A. social or cultural B. economic C. legal D. technological E. political