Inquiry and analytical procedures ordinarily performed during a review of a nonpublic entity's financial statements include
A) Analytical procedures designed to identify material weaknesses in internal control.
B) Inquiries concerning actions taken at meetings of the stockholders and the board of directors.
C) Analytical procedures designed to test the accounting records by obtaining corroborating evidential matter.
D) Inquiries of knowledgeable outside parties such as the entity's attorneys and bankers.

Question

Quizplus · Accepted Answer

During a review of a nonpublic entity's financial statements, inquiries are made concerning actions taken at meetings of the stockholders and the board of directors to understand significant decisions and their potential impact on the financial statements.

Inquiry and Analytical Procedures Ordinarily Performed During a Review of a Nonpublic