In the evidence gathering process,the auditor seeks to determine
A) the existence of a condition indicating a contingent liability
B) the location where the cause for the legal action occurred
C) the probability of an unfavorable outcome
D) the actual amount of the loss
E) the person in the company responsible for the condition
F) both A and B
G) both A and C
H) both D and E
Correct Answer:
Verified
Q24: According to the U.S.accounting standards,estimated losses from
Q25: If during the process of identifying litigation,claims,and
Q26: When a contingent liability exists the likelihood
Q27: When a contingent liability exists,the likelihood for
Q28: Subsequent events are events that
A)occur between the
Q30: The auditing standards require the auditor to
Q31: Normally,the auditor's work does not extend into
Q32: Type I subsequent events
A)provide evidence for conditions
Q33: The auditor seeks direct communication with the
Q34: In addition to contingent liabilities,a company may
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