Accounting standards generally require financial statements to be prepared on the assumption that the entity will continue its operations for a reasonable period of time. The FASB describes a reasonable period of time as a period of one year from the balance sheet date.

Group of answer choices

True

False

A SOC 1 report, is a Report on Controls at a Service Organization Relevant to User Entities' Internal Controls Over Financial Reporting. The most useful SOC 1 report to management and the auditor is a Type 1 report.

Group of answer choices

True

False

Standard costs are budgeted costs used by management to help evaluate the reasonableness of material, labor and overhead costs

Group of answer choices

True

False

A substantive analytical procedure is an effective procedure to audit cash and cash equivalents

Group of answer choices

True

False