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Which statement consistent with qualitative characteristic

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Problem 1: When preparing financial reports, 'users are assumed to have a reasonable knowledge of the business and economic activities and accounting and a willingness to study the information with reasonable diligence'. This statement is consistent with the qualitative characteristic of:

A. understandability.

B. materiality.

C. comparability.

D. faithful representation.

Problem 2: In the absence of regulation, for auditing to be an effective strategy for reducing the costs of attracting funds, the auditor must:

A. be formally registered under the Registered Auditors Act 1998.

B. have been auditing the company for at least the last five years.

C. belong to one of the major ('Big 4') global accounting firms.

D. be perceived to be truly independent and the accounting methods employed must be sufficiently well-defined.

Reference no: EM132893307

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