Multiple Choice
The auditor's responsibility regarding the going concern assumption is to
A) evaluate the possibility that the company could go bankrupt
B) obtain sufficient appropriate evidence to evaluate the appropriateness of management's use of the going concern assumption in the preparation and presentation of the financial statements
C) formulate an assumption about whether there is a material uncertainty about the company's ability to continue as a going concern
D) determine the implications for the audit report
E) estimate the net income that the company expects to earn during the current year
F) both B and D
G) both C and E
H) both D and E
Correct Answer:

Verified
Correct Answer:
Verified
Q50: Which of the following audit procedures would
Q51: Which of the following procedures should the
Q52: The auditing standards require the auditor to
Q53: What should the auditor do if the
Q54: In the evidence gathering process,the auditor seeks
Q56: Examples of Type II events are<br>A)a customer
Q57: The auditing standards have identified transactions that
Q58: If the auditors find misstatements in the
Q59: Normally,the auditor's work does not extend into
Q60: When a contingent liability exists,the likelihood for