Which of the following procedures would be most likely to assist an auditor in identifying litigation claims?

23.) Which of the following procedures most likely would assist an auditor to identify litigation,claims, and assessments?d.) Read the file of correspondence from taxing authorities.24.) What is an auditor’s primary method to corroborate information on litigation, claims, andassessments?c.)Reviewing the response from the client’s legal counsel to a letter of inquiry.25.) In auditing contingent liabilities, which of the following procedures would an auditor mostlikely perform?c.) Read the minutes of the board of directors’ meetings.26.) The appropriate date for the client to specify as the effective date in the audit inquiry to legalcounsel isd.) As close to the date of the auditor’s report as possible.27.) A company’s management provided its auditors with information concerning litigation, claims,and assessments. Which of the following is the auditor’s primary means of corroboratingmanagement’s information?a.)Inquiring of company’s outside counsel.28.) Which of the following procedures should an auditor ordinarily perform regarding subsequentevents?a.) Read the latest subsequent interim financial statements.29.) An auditor should be aware of subsequent events that provide evidence concerning conditionsthat did not exist at year end but arose after year end. These events may be important to theauditor because they mayc.) Require disclosure to keep the financial statements from beingmisleading.30.) Which of the following procedures will an auditor most likely perform to obtain evidenceabout the occurrence of subsequent events?c.) Inquiring of the entity’s legal counsel concerninglitigation, claims, and assessments arising after year end.31.) Which of the following procedures would an auditor most likely perform in obtaining evidenceabout subsequent events?d.) Investigate changes in noncurrent debt occurring after year end.32.) Wilson, CPA, obtained sufficient appropriate audit evidence on which to base the opinion onAbco’s December 31, Year 1, financial statements on March 6, Year 2, the date of the auditor’sreport. A subsequently discovered fact requiring revision of the Year 1 financial statementsoccurred on April 10, Year 2, and came to Wilson’s attention on April 24, Year 2. If the fact becameknown prior to the report release date, and the revision is made, Wilson’s report ordinarily shouldbe dated.) Using dual-dating.

focusNode

Didn't know it?
click below

Knew it?
click below

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Audit Final

Which of the following auditing procedures would be most likely to assist an auditor in identifying related party transactions?

Which of the following procedures should an auditor perform concerning litigation claims?

Which of the following procedures would most likely help an auditor identify events after the date of the financial statements that should be disclosed?

Which of the following procedures would an auditor most likely perform to obtain evidence about the occurrence of subsequent?