Following are several statements regarding accounting records or audit documentation. Which of the statements is correct?
A. Documentation of an auditor's understanding of the entity's internal control system is not necessary.
B. Audit documents may be regarded as a substitute for the company's accounting records.
C. Accounting records belong to the auditee.
D. The independent auditor may discard audit documents after two years.
Answer: C
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Which of the following statements is true of a court trial?
A. All civil cases are tried with a jury. B. The judge is the trier of fact in a jury trial. C. A jury is not required in a trial unless both parties request one. D. Prospective jurors are questioned by lawyers for each party.
Which of the following is not a direct acquisition cost of an IT initiative?
A. Cost of software development B. Cost of project management C. Cost of hardware D. Cost of business disruption
With _______, supplier managers simply set their price in relation to what the competitors' prices are
The price may be set exactly the same as the predominant competitors, signaling commodity, or it may be slightly higher or lower because of perceived minor reputation, quality, or service differences. a. cost-plus pricing b. competition-based pricing c. value-based pricing d. skimming pricing
Explain why event probabilities range from 0 to 1
What will be an ideal response?