Multiple Choice
When auditing contingent liabilities, the primary objective at the initial stage of the tests is to determine:
A) the likelihood of the liability.
B) the materiality of any liability.
C) the existence of the liability.
D) what constitutes adequate disclosure of the liability.
Correct Answer:
Verified
Correct Answer:
Verified
Q20: Distinguish between a 'management representation letter' and
Q34: ASA 720 requires the auditor to read
Q35: ASA 570 requires the auditor to evaluate
Q38: After the financial statements have been issued,
Q40: If the auditor concludes that there are
Q42: Your client's balance sheet date is 30/6/2012,
Q44: What is the purpose of a management
Q46: Often, procedures for presentation- and disclosure-related objectives
Q51: Discuss three audit procedures commonly used to
Q113: Subsequent events which require adjustment to the