Multiple Choice
The auditor has completed her assessment of subsequent events.The proper accounting for subsequent events that have a direct effect on the financial statements is to
A) adjust the financial statements for the year under audit.
B) disclose in the notes to financial statement the amount of the adjustment.
C) duly note in the audit workpapers that next year's financial statements need to be adjusted.
D) make no adjustment of the financial statements for the year under audit.
Correct Answer:
Verified
Correct Answer:
Verified
Q47: If the auditor concludes that there are
Q50: State three items that should be included
Q77: The letter of representation obtained from an
Q87: A management representation letter is<br>A) prepared on
Q94: Three conditions are required for a contingent
Q96: Which of the following would the auditor
Q110: Which event that occurred after the end
Q113: Subsequent events which require adjustment to the
Q131: When preparing a standard inquiry to the
Q139: The first stop in the audit of