Gaining an understanding of the auditee and its environment includes all of the following areas except
A) Regulatory issues unique to the industry.
B) The entity's application of accounting policies.
C) The audit fee and timeline for completion of the work.
D) The entity's business risks.
Answer: C) The audit fee and timeline for completion of the work.
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The Federal Housing Administration (FHA) provides mortgage insurance, but does not make loans.
a. true b. false
Retraining is often necessary when job requirements change and employees must learn how to perform new duties. With the change to automation in many businesses:
A) retraining is unnecessary since automation requires less-skilled workers. B) companies disregard retraining because technology makes up for a limited skill base. C) more highly skilled workers are needed by businesses. D) simulation training in conjunction with retraining is essential.