A factor to consider when setting fees for an engagement is the:
A) personal opinion of the lead auditor on the engagement.
B) time of all people engaged in the work.
C) opinion to be rendered as a result of the audit findings.
D) use of internal auditors.

Question

Quizplus · Accepted Answer

The time of all people engaged in the work is an important factor to consider when setting fees for an engagement as it helps to determine the level of effort required and the cost of resources needed to complete the audit. Personal opinion, the opinion to be rendered, and the use of internal auditors may also be factors to consider, but they are not the best choice in this scenario.

A Factor to Consider When Setting Fees for an Engagement