Which of the following statements is true?
A)Often interested users, like banks, ask private companies or non-users to provide audited financial statements.
B)Public users are required to have three audits a year.
C)Public users are required to have an audit of internal financial forecast reports (IFFRs).
D)For efficiency purposes, the three required audits for public companies are performed at the same time.

Question

Quizplus · Accepted Answer

Private companies or non-users may be requested to provide audited financial statements by interested users like banks. It is not necessary for public users to have three audits a year, nor are they required to audit IFFRs. While it may be more efficient to perform all three required audits at the same time, this statement is not necessarily true for all public companies.

Which of the Following Statements Is True