Which of the following should an auditor obtain from the predecessor auditor prior to accepting an audit engagement?
A. Analysis of balance sheet accounts.
B. All matters of continuing accounting significance.
C. Analysis of income statement accounts.
D. Facts that might bear on management integrity.
Answer: D
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The recency effect
A. indicates that the important points should be made early. B. states that the first item in a long list of items is the one most likely to be remembered. C. states the tendency for the last item presented to be the best remembered. D. should be used when the topics are familiar, interesting, or controversial to the receiver.
With regard to the terms quality control and quality assurance, ______.
a. there is no difference between the two terms b. quality assurance is the term we use today for what was formerly known as quality control c. quality control is concerned with the quality of a product or service after it is produced or delivered d. quality control is concerned with the application of government regulations governing quality
A foreign draft is one that shows on its face that it is drawn or payable outside the United States
Indicate whether the statement is true or false
An express agency agreement that is often used to give an agent the power to sign legal documents on behalf of the principal is known as a(n) ________.
A. assignment B. accommodation C. power of attorney D. letter of credit