Which of the following accurately describes a characteristic of key audit matters (KAMs)?a. KAMS concern any matters communicated to the audit committee.b. KAMs involve simple, objective management judgment.c. All public companies will have the same number of KAMs.d. Accounts with a large balance where the auditor spends a significant of time gatheringevidence will become KAMS.Hide FeedbackIncorrectCheck My Work FeedbackReview the section on key audit matters in Chapter 15.

Key Audit Matters (KAMs) are significant matters in the audit of financial statements, and they…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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