The use of RFID (radio frequency identification) is an alternative to the Universal Product Code (UPC)

Which of the following best describes the roles of the American Institute of Certified Public Accountants [AICPA] and the Public Company Accounting Oversight Board [PCAOB] in establishing auditing standards?

A) Auditing standards issued by the AICPA and the PCAOB are considered minimum standards of performance for auditors. B) The AICPA sets auditing standards for use in audits of nonpublic entities. C) The PCAOB sets auditing standards for use in audits of publicly held companies. D) All of the above.

Perhaps the best way for standard items is ________ which is a description method that is applicable when the requirements are well understood

Fill in the blank with the appropriate word.