Which of the following procedures should the search for subsequent events involve?
A) Gain an understanding of the procedures used by auditors to ensure that subsequent events are identified
B) Inquire of management about whether there had been any events that have occurred after the date of the financial statements that might affect the financial statements
C) Request the minutes of meetings of shareholders,directors,and management and inquire about matters discussed at such meetings for which minutes are not yet available
D) Read the interim financial statements
E) Review the subsequent event expense account
F) both B and D
G) both C and A
H) both D and E
Correct Answer:
Verified
Q44: From the auditor's point of view,the problem
Q45: The FASB define related parties as
A)customers of
Q46: The FASB define related parties as
A)affiliates of
Q47: The auditing standards have identified transactions that
Q48: Management's responsibility when considering the company's compliance
Q50: The FASB define related parties as
A)customers of
Q51: The auditing standards have identified transactions that
Q52: The auditor should obtain sufficient appropriate evidence
Q53: Examples of Type I events are
A)a customer
Q54: The auditor's responsibility related to related party
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