When a subsequent event provides evidence about conditions that did not exist at the balance sheet date, what is the best course of action for the auditor to follow?
a. Ensure that any necessary footnote disclosures be included with the statements.
b. Ensure that the financial statements are adjusted to reflect the information, including any necessary footnote disclosures.
c. Give an inappropriate opinion.
d. Provide management with a new engagement letter to document the terms of the revised arrangement.
a
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Define internal and external recruiting, and give the advantages and disadvantages of each. Internal recruiting means making people already employed by the organization aware of job openings, often through job postings on bulletin boards, in newsletters, and on the organization's intranet.
What will be an ideal response?
Which of the following is a difference between a note and a bond?
A) A note is a form of equity financing, whereas a bond is a form of debt financing. B) A note is a form of debt financing, whereas a bond is a form of equity financing. C) A note is a long-term loan, whereas a bond is a short-term loan. D) A note is a short-term loan, whereas a bond is a long-term loan.
Strict liability for products liability requires that the plaintiff show there was a defect in the
product causing the injury. Indicate whether the statement is true or false
You sell your used car to a stranger. He gives you a cheque he knows is bad. By the time you find that out, he has sold the car to a third party. The third party paid a fair price and did not know that the vendor was a fraudsman
What is the situation now as between you and the third party? A) You can get the car returned. The fraudsman could not give good title, because he didn't have it. B) You are out of luck. Title has passed to the innocent third party. C) You can get the car returned. You and the third party are both innocent victims, so title reverts to the last party to have good title, which is you. D) The third party may keep the car, but will have to pay you damages. E) You can get the car returned, but you will have to pay the third party damages.