Multiple Choice
If the auditor does not assess a risk of material misstatement related to a potential contingent liability,
A) he is required to contact the external counsel for the audit client and request additional information
B) he is required to contact the internal counsel for the audit client
C) he is not required to contact the external counsel for the audit client
D) he is not required to contact the internal counsel for the audit client and request additional information
Correct Answer:
Verified
Correct Answer:
Verified
Q5: Examples of contingent liabilities include<br>A)lawsuits requesting the
Q6: The purpose of the management representation letter
Q7: The auditor is concerned about the client's
Q8: The auditor's responsibility regarding the going concern
Q9: The auditor's responsibility for unaudited information is
Q11: As auditors gather evidence to determine whether
Q12: The auditing standards have listed several circumstances
Q13: Audit documentation is defined as<br>A)the written record
Q14: If both required conditions of loss contingencies
Q15: Type II subsequent events<br>A)provide evidence for conditions