QUESTION: 508 Hedge funds: A. Seek to profit in all kinds of markets by pursuing leveraging and other speculative investment practices B. Are subject to very few regulatory controls C. Also have voluntarily restricted investment to wealthy investors through high investment minimums (e.g. $1 million) D. All of these Answer: D QUESTION: 509 Some objectives of an audit related to mutual funds might include determining that:
D. All EXCEPT “C” Answer: D QUESTION: 510 Major types of Real Estate Investment Trust (REITs) include all of the following EXCEPT: D QUESTION: 511 Not all misstatements will be material enough to affect the fair presentation of the financial statement. A material misstatement is one that the auditors determine would change or influence the option of a reasonable person relying on the financial statements for information. Ultimately, auditors must exercise judgment to assess materiality based on the qualitative nature of the misstatements and their quantitative extent. Materiality is also based on auditors’ assessment of control risk levels in the organization. The following factors may influence the auditors’ assessment of control risk EXCEPT: D
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