This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If the auditor concludes that there are contingent liabilities, he or she must evaluate the ... (Read 46 times)

Maddie9229

  • Full Member
  • ***
  • Posts: 129
on: Aug 21, 2022
If the auditor concludes that there are contingent liabilities, he or she must evaluate the significance of the potential liability and the nature of the disclosure needed in the financial statements. Which of the following statements is not true?
◦ The potential liability is sufficiently well known in some instances to be included in the financial statements as an actual liability.
◦ Disclosure may be unnecessary if the contingency is highly remote or immaterial.
◦ A CPA firm often obtains a separate evaluation of the potential liability from its own legal counsel rather than relying on management or management's attorneys.
◦ The client's attorneys must remain independent when evaluating the likelihood of losing the lawsuit.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by Maddie9229 on Aug 21, 2022

rhhoagland

  • Full Member
  • ***
  • Posts: 167
Reply #1 on: Aug 21, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 56% of students answer this correctly


Maddie9229

  • Member
  • Posts: 129
Reply 2 on: Aug 21, 2022
Excellent

chjcharjto14

  • Member
  • Posts: 342
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Medication errors are three times higher among children and infants than with adults.

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Did you know?

Green tea is able to stop the scent of garlic or onion from causing bad breath.

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Did you know?

All patients with hyperparathyroidism will develop osteoporosis. The parathyroid glands maintain blood calcium within the normal range. All patients with this disease will continue to lose calcium from their bones every day, and there is no way to prevent the development of osteoporosis as a result.

Evaluate the angle of the nail base Evaluate the angle of the nail base
How to evaluate limits using algebra and the limit laws (Part 2) How to evaluate limits using algebra and the limit laws (Part 2)
How to evaluate a function containing the constant k How to evaluate a function containing the constant k
Check heat source for temperature. Evaluate the amount of heat given off from the source using your ... Check heat source for temperature. Evaluate the amount of heat given off from the source using your ...
How to evaluate angles using cosecant, special triangles, and the unit circle (Part 3) How to evaluate angles using cosecant, special triangles, and the unit circle (Part 3)
Evaluate: With solution. Evaluate: With solution.
Video: Virtual Tour of the Eye Animation

For a complete list of videos, visit our video library