The Responsibilities section of the Principles Underlying an Audit Conducted in Accordance with GAAS states that auditors are responsible for having appropriate competence and:
A. independence with respect to the financial statements and supplementary disclosures.
B. capabilities to perform the audit.
C. exercising professional care as judged by peer reviewers.
D. objectivity as an auditor as verified by proper supervision.
Answer: B
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What is the correct formula for cell B8 to calculate the modified duration?
a) =DURATION(B1,B2,B3,B4,B6,B7)
b) =MDURATION(B1,B2,B4,B3,B6,B7)
c) =MDURATION(B1,B2,B3,B4,B6,B7)
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