After an audit report is issued, the auditor discovers through a peer review that an important audit procedure has been omitted. In this case, what should the auditor do?
a. Notify all parties known to be relying on the report.
b. Immediately request the client recall the report.
c. Contact his or her professional liability insurance carrier.
d. Determine whether the report can still be supported in light of the omitted procedure.
d
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Martha died and by her will, specifically bequeathed, and the executor distributed, $20,000 cash and a $70,000 house to Harold. The distributions were made in a year in which the estate had $65,000 of DNI, all from taxable sources. The maximum Harold will be required to report as gross income as a result of these distributions is
A. $65,000. B. $20,000. C. $0. D. $70,000.
A company's current ratio is 1.2 and its quick ratio is 0.25. This company is probably an excellent credit risk because the ratios reveal no indication of liquidity problems.
Answer the following statement true (T) or false (F)
The performance log is
a. A place for the supervisor to keep track of their thoughts and feelings about an employee's performance b. A standardized form which the supervisor uses to maintain an ongoing record of facts about an employee's performance c. A tool for disciplining employees d. A tool for making performance expectations clear to an employee
Direct selling is also known as direct ________.
Fill in the blank(s) with the appropriate word(s).