Multiple Choice
Which of the following is NOT a service typically provided by a public accounting firm?
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1. Introduction to Accounting
Types of Accounting
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Which of the following is NOT a driver for a modern audit?
A
Stakeholder demand for greater transparency
B
Technological advancements in data analytics
C
Preparation of tax returns
D
Increased regulatory requirements
Verified step by step guidance1
Understand the concept of a modern audit: A modern audit involves evaluating financial statements and processes to ensure accuracy, compliance, and transparency. It is influenced by factors such as stakeholder demands, technology, and regulations.
Analyze each option provided in the question: Review how each factor relates to the purpose and scope of a modern audit.
Evaluate 'Stakeholder demand for greater transparency': This is a key driver for modern audits as stakeholders require clear and accurate financial information.
Evaluate 'Technological advancements in data analytics': Technology plays a significant role in modern audits by improving efficiency and accuracy in analyzing financial data.
Evaluate 'Preparation of tax returns': This is not a driver for modern audits, as tax return preparation is a separate function focused on compliance with tax laws rather than auditing financial statements.
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