The study of business ethics has one main authority and clear cut universal standards
Indicate whether the statement is true or false
False
You might also like to view...
After obtaining an understanding of internal controls and assessing control risk of an entity, an auditor decided not to perform tests of controls for purposes of the audit. The auditor most likely decided that:
A. the assessed level of inherent risk exceeded the assessed level of control risk. B. a reduction in the assessed level of control risk is justified for certain financial statement assertions. C. it would be inefficient to perform tests of controls that would result in a reduction in planned substantive procedures. D. the available evidential matter obtained through tests of controls would not support an increased level of control risk.
If a prospective client does not want to buy from you because he has a preference for an established supply source, you are facing an objection due to ________
A) psychological resistance B) logical resistance C) price sensitivity D) relationship inertia E) reactance
Explain whether you agree or disagree with the following statement: "Because my bond is guaranteed by an insurance company, I have eliminated credit risk."
What will be an ideal response?
Which of the following is the first task that the auditor must accomplish to demonstrate proficiency in auditing?
A) Design an audit program to obtain sufficient appropriate evidence about assertions management makes in financial statements and notes. B) Identify the evidence relevant for the audit of assertions that are made by management in its unaudited financial statements and notes. C) Evaluate the evidence gathered in the performance of the audit program and decide whether management's assertions conform to generally accepted accounting principles and reality. D) Recognize the underlying assertions made by management in the financial statements and notes.