Final answer:
A limited scope examination does not satisfy the requirement to perform an examination at least once every five years as discussed in the Model Law on Examinations.
Step-by-step explanation:
The statement is false. The Model Law on Examinations, which is a guideline for professional organizations conducting examinations, requires that an examination is performed at least once every five years. A limited scope examination, also known as a partial examination, focuses only on specific aspects of an entity's financial statements or internal controls.
It does not satisfy the requirement of performing a comprehensive examination of all relevant areas. For example, let's say a professional organization conducts a limited scope examination of an entity's internal controls related to inventory management.
While this examination can provide valuable insights into the specific area that was examined, it does not fulfill the requirement to examine other important areas such as revenue recognition, expenses, and other key financial controls.