To correct abuses in the financial services industry, Congress passed an Act in 2010 that included numerous provisions to reform the financial services industry. This Act was the

The concepts of audit risk and materiality are interrelated and must be considered together by the auditor. Which of the following is true?

A. Audit risk is the risk that the auditor may unknowingly express a modified opinion when, in fact, the financial statements are fairly stated. B. The phrase in the auditor's report "present fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America" indicates the auditor's belief that the financial statements as a whole are not materially misstated. C. If misstatements are not important individually but are important in the aggregate, the concept of materiality does not apply. D. Material fraud but not material errors cause financial statements to be materially misstated.

Which of the following state agencies would receive complaints concerning fair housing laws?

A: California Bureau of Real Estate; B: Department of Fair Employment and Housing; C: Department of Community Development; D: None of the above.